The Obama administration is reportedly considering the creation of a regulatory body to oversee the banking industry. If this proposal is carried through, the new agency would replace several agencies that currently oversee different aspects of the financial markets.
Key Details
The main features of this proposal are as follows:
* The creation of a new agency to oversee banks, which would assume the responsibilities that are currently divided among the Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision (which was responsible for the supervision of the American International Group and Washington Mutual among others) and the Federal Deposit Insurance Corp. Under the current system, banks can choose their regulator among this group.
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