Consumer Financial Overview
Issues in the Current Debate
In the wake of what many believe is the worst U.S. financial crisis since the Great Depression, the Obama Administration proposed sweeping reforms of the financial services regulatory system, the broad outline of which was encompassed in a document called the President’s White Paper. The White Paper seeks to meet five objectives: “Promote robust supervision and regulation of financial firms” through the creation of an oversight council of the primary Federal financial regulators; the provision of systemic risk oversight powers for the Federal Reserve; heightened prudential standards for financial firms; and increased Federal oversight of institutions that are unregulated or…
