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
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
`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.
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