Announcement within two weeks as Obama commits
President Barack Obama is committed to signing a regulatory reform package to create a single financial regulator by the end of the year and an announcement will be within “a couple of weeks”, the Times reports.
The new regulator could take over work done by the Office of the Comptroller of the Currency and the Office of Thrift Supervision, as well as taking some powers held by the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).
- The Federal Reserve is most likely to house the new regulator.
- The FDIC could take control of struggling financial institutions.
- The Securities and Exchange Commission (SEC) could lose regulation of mutual funds
- Parts of the SEC could be merged with the Commodity Futures Trading Commission.
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