RegulationCorporate GovernanceObama to announce financial regulation shake-up

Obama to announce financial regulation shake-up

US president expected to announce measures including a new council of regulators

A beefed up US Federal Reserve and a new `council of regulators` are among
sweeping changes to the American regulatory system, expected to be announced by
President Barack Obama, today.

The measures represent the most significant shakeup of the American financial
system since the depression and come in response to last year’s financial
crisis, the Telegraph reported.

Together with treasury secretary Tim Geithner, Obama will announce the
changes including enhanced powers for the Federal Reserve which will be placed
in charge of America’s biggest banks – a role previously shared with the
Securities and Exchange Commission and the Federal Deposit Insurance
Corporation.

A new “council of regulators” will also be convened with the aim of allowing
greater co-ordination between financial supervisors and to better monitor the
complex transactions between financial institutions.

Geithner said the new system is aimed at maintaining stability in the
financial system.

`We’re going to try to eliminate gaps in the basic structure. We want to have
a more boring system, a little less exciting, a little less drama,’ he said in a
speech before the announcement.

Read the full story:

Barack
Obama to outline sweeping changes to the US financial regulatory system

Related Articles

Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

3m Alia Shoaib, Reporter
One in 20 audit firms quit as market evolves

Audit One in 20 audit firms quit as market evolves

1y Kevin Reed, Writer
Colin: #EURef bankers a problem

Business Regulation Colin: #EURef bankers a problem

1y Taking Stock
PwC and Deloitte chiefs sign Remain letter

Business Regulation PwC and Deloitte chiefs sign Remain letter

1y Kevin Reed, Writer
Leader: Audit competition drives change, not necessarily quality

Accounting Firms Leader: Audit competition drives change, not necessarily quality

2y Kevin Reed, Writer
EU audit reform to open up £10bn market for firms

Accounting Firms EU audit reform to open up £10bn market for firms

2y Richard Crump, Writer
Best Practice: Saffery Champness managing partner Rob Elliott

Accounting Firms Best Practice: Saffery Champness managing partner Rob Elliott

2y Calum Fuller, Reporter
Standard Life Investments opposes EY's appointment as Shell auditors at AGM

Accounting Firms Standard Life Investments opposes EY's appointment as Shell auditors at AGM

2y Richard Crump, Writer