The Washington Post today posted a "near-final" draft of a white paper on how to "build a new foundation for financial regulation and supervision". The 85-page summary suggests:
- A new Financial Services Oversight Council
- A new National Bank Supervisor
- A new Consumer Financial Protection Agency
New powers for the Federal Reserve and Securities and Exchange Commission
The paper also talks about filling gaps and harmonizing conflicts in our gappy and off-key system. It would, for instance, subject hedge funds and credit default swaps to much closer — meaning some — federal review.
The WaPo article gives more info on the draft and says the administration will make a statement about reform later today.
Blawgletter didn't see right away any language about private causes of action. Maybe that will come later.
UPDATE: The White House issued the final version of the white paper: Financial Regulatory Reform: A New Foundation.