Sweeping U.S. financial regulatory overhaul
“Today, my administration is proposing a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression,” announced President Barack Obama today from the White House.
- Many investment firms that have been lightly regulated like hedge funds and private equity firms will now have to be registered.
- Large firms that are considered too big to fail will come under the Federal Reserve Board’s new systemic risk oversight.
- Consumer credit firms will face a new federal regulator in addition to state regulation.
