A New Foundation: Rebuilding Financial Supervision and Regulation: Some initial observations on key areas

Initial observations  on key areas
Download A New Foundation: Rebuilding Financial Supervision and Regulation: Some initial observations on key areas

On Wednesday, June 17, the Obama administration released its long-awaited proposal for financial regulatory reform. Entitled "A New Foundation: Rebuilding Financial Supervision and Regulation," the proposal is constructed around five key purposes/objectives:
  1. 1. Promote robust supervision and regulation of financial firms
  2. 2. Establish comprehensive regulation of financial markets
  3. 3. Protect consumers and investors from financial abuse
  4. 4. Provide the government with the tools it needs to manage financial crises
  5. 5. Raise international regulatory standards and improve international coordination
Presented in the form of a white paper, the proposal describes the reasons driving each of the main objectives and sets forth a number of specific legislative and regulatory actions intended to achieve the objectives. No statutory language has been provided, but, in a number of areas, key legal concepts or provisions to be included in legislation are set forth in detail. PwC's whitepaper includes our observations on the key issues outlined in the proposal.