A U.S. Treasury Department restructuring plan that could call for the consolidation of two or more financial regulators will be released by March 31, a senior agency official said. The aim of the restructuring proposal is to focus the Treasury's agencies primarily on financial soundness, consumer and investor regulation and overall market stability, Treasury Department Under Secretary Robert Steel said Thursday at the New York Society of Securities Analysts. "One aspect of the blueprint is to propose some broad ideas for an optimal regulatory structure," said Steel. "You should not be surprised to hear that this optimal structure will be...
The "Blueprint for Financial Regulatory Reform," unveiled by Paulson on Monday, would expand the oversight power of the Federal Reserve, consolidate the Securities and Exchange Commission and the Commodity Futures Trading Commission and eliminate the Office of Thrift Supervision.
In a study expected to be issued Feb. 21, the Government Accountability Office is expected to conclude that CTRs filed by financial institutions provide essential information for law enforcement investigations, delivering a blow to industry calls for reporting relief.
Treasury Secretary Henry Paulson, speaking Friday at the Financial Crimes Enforcement Networks headquarters, announced initiatives that include a more risk-based examination process and a narrower definition of the money services businesses industry.
Henry Paulson, at a meeting scheduled for Friday at the Financial Crimes Enforcement Networks headquarters, will disclose plans to improve risk-based exam procedures for institutions, people familiar with the matter said.