Obama details plans for finance regulation changes
The Obama administration last night detailed a series of proposals to involve the government more deeply in private markets, from helping to steer borrowers into affordable mortgage loans to imposing new limits on the largest financial companies, in a sweeping effort to curb the kinds of reckless risk-taking that sparked the economic crisis.
The core of the plan is exactly what you would expect. Greater oversight of finance firms, mostly by extending banking laws to all firms that do finance. Greater regulation of derivatives and mortgage securities. And more coordination with other nations on matters of finance. The only surprise is the creation of a new agency charted with consumer protection.
I won't pass judgment on the plan until I get a chance to read the details. It seems to cover the important areas, but exactly how he wants to do those things is key here.
Jay