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.

FeedIcon This crowd has gone deadly silent, a Cinderella story outta nowhere.