Financial Overhaul Gets Another Push

Financial Overhaul Gets Another Push

by Raja Tayeb on March 11, 2010

derivatives reform

U.S. Assistant Treasury Secretary for Financial Institutions Michael Barr reports that the Obama Administration is ramping up efforts to push Congress to adopt financial regulatory reform, including tighter regulations for derivatives trading.

While the administration is “redoubling” its efforts, Barr said the administration would not comment on the Senate’s bill until the actual proposal is released.

Lawmakers continue to haggle over the consumer protection agency, including its placement within the regulatory structure and the depth of its powers.

Meanwhile, Barr said, “The administration sent up a very comprehensive derivatives plan, [and] we want Congress to press that.”

One administration proposal — restrictions on proprietary trading among major financial firms — received additional support from U.S. Senators Jeff Merkley (D-Ore.) and Carl Levin (D-Mich.), who plan to introduce legislation on the matter.

Source: Dow Jones Newswires, Judith Burns (03/09/10)

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