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UNITED STATES: GOVERNMENT : ECONOMICS: GOVERNMENT ECONOMIC REGULATION AND CONTROL: Doubts Greet Treasury Plan Regulation

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  • David P. Dillard
    UNITED STATES: GOVERNMENT : ECONOMICS: GOVERNMENT ECONOMIC REGULATION AND CONTROL: Doubts Greet Treasury Plan Regulation Doubts Greet Treasury Plan Regulation
    Message 1 of 1 , Apr 1, 2008
      UNITED STATES: GOVERNMENT :
      ECONOMICS: GOVERNMENT ECONOMIC REGULATION AND CONTROL:
      Doubts Greet Treasury Plan Regulation


      Doubts Greet Treasury Plan Regulation
      By STEPHEN LABATON
      Published: April 1, 2008
      New York Times
      <http://www.nytimes.com/2008/04/01/business/01regulate.html>


      WASHINGTON As Treasury Secretary Henry M. Paulson Jr. laid out an
      ambitious plan to overhaul the regulatory apparatus that oversees the
      nations financial system on Monday, lawmakers and lobbyists from an array
      of industries opposed to the plan predicted that most of it would be dead
      on arrival.

      While the plan promotes a long-term goal of reducing an alphabet soup of
      regulatory agencies, in the shorter run it may actually do the opposite.
      One of the blueprints few short-term goals is the creation of a mortgage
      commission that would set new minimum standards for mortgage brokers and
      otherwise unregulated financial institutions that sell mortgages. The new
      commission could be formed only by Congress, and some lawmakers predicted
      it might be adopted this year.

      Officials said that, as part of the Paulson plan, President Bush was
      preparing to issue an executive order soon to expand the membership and
      reach of an interagency committee called the Presidents Working Group on
      Financial Markets. The group was created after the stock market plummeted
      in 1987. The group is also expected to consider ways to broaden the
      authority of the Federal Reserve to lend money to nonbanks as needs arise.

      The Working Group, headed by the Treasury Secretary, consists of the top
      officials from the Federal Reserve, the Securities and Exchange Commission
      and the Commodity Futures Trading Commission. Under the proposal, it would
      be enlarged to include the heads of the three other agencies, including
      one, the Office of Thrift Supervision, that the plan proposes eventually
      to abolish.

      But other than those relatively modest provisions, most parts of the plan
      are not likely to be adopted any time soon, if at all. The calendar of a
      Congressional election year seldom favors complex pieces of legislation.



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      The complete article may be read at the URL above.



      Sincerely,
      David Dillard
      Temple University
      (215) 204 - 4584
      jwne@...
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