Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Regulatory Reform in the U.S.: Systemic Regulator and Receivership Back on the Radar Screen

Posted by hkarner - 18. Juni 2009

Comprehensive Plan for Regulatory Reform (June 17): New framework includes 1) The Fed as systemic risk regulator and creation of ‘council of regulators‘. 2) Requires the originator, sponsor or broker of a securitization to retain a financial interest in its performance (’skin in the game‘). Also regulate all financial derivatives for the first time. 3) Consumer Financial Protection Agency for strong investor protection and rules against predatory lending. 4) New resolution mechanism that allows for the orderly resolution of any financial holding company whose failure might threaten the stability of the financial system, including large hedge funds and major insurers such as AIG. 5) Lead the effort to improve regulation and supervision around the world

The Fed will retain day-to-day supervision of the largest bank holding companies – which the Bush administration had proposed taking away – and may become sole regulator. The Fed will also directly supervise non-bank financial companies that reach a size and complexity comparable to these banks. Fed is also likely to be given the final word on bank capital requirements, including a surcharge for the systemically important financial institutions. FDIC will receive a new non-bank/holding resolution authority. No federal insurance regulation but a national insurance office within the Treasury to gather information about the industry (Financial Times, June 16)

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