Wolin Says Financial Regulatory Overhaul Likely This Year
Deputy Treasury Secretary Neal Wolin, the department’s No. 2 official, said he expects Congress to revamp financial regulations for Wall Street this year.
Congress is considering legislation that would impose tighter regulations on banks, lenders, and other financial institutions following the worst recession since the Great Depression.
One proposal, the creation of a Consumer Financial Protection Agency, remains a top priority for President Barack Obama, Wolin said in an interview today at a conference hosted by the Congressional Black Caucus in Washington.
The plan would create the consumer agency and move most of the $592 trillion over-the-counter derivatives market onto regulated exchanges and increase capital requirements fast payday loan no faxing. It would also boost oversight of the systemic risks large financial institutions pose to the economy and give the government power to dismantle failed companies.
“There is a definite need for an agency that focuses on consumer protection as part of our overall structure for a financial services regulatory framework,” he said.
Wolin’s office translated the administration’s 88-page financial-regulations proposal into more than 600 pages of legislation for lawmakers to use as a foundation for crafting their proposals.