Re-making Financial Regulatory Infrastructure
Wed Jun 3, 2009 7:34pm EDT
WASHINGTON (Reuters) – The Obama administration plans to unveil on June 17 its sweeping plan to overhaul financial regulation, according to a source familiar with thinking at the U.S. Treasury Department.
The proposal will serve as a framework for lawmakers as they embark on the thorny task of restructuring how banks, hedge funds, derivatives, and other financial firms and securities are policed. The plan reflects the global consensus arrived at by world leaders on the heels of the London G-20 Summit in April.
Re-shaping
Treasury Secretary Timothy Geithner is scheduled to testify on June 18 before the House Financial Services Committee on the proposed changes, the source said, speaking anonymously because the administration has not formally announced the dates.
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