US President Barack Obama told financial regulators on Wednesday they had helped the administration design solutions to a serious problem facing the US economy.
"The most sweeping overhaul of financial rules since the Great Depression also would grant the Federal Reserve broad new powers to oversee large firms, such as insurance companies, that it does not regulate directly. The Fed would have the authority to seize and dismantle these companies if they are in danger of failing," writes LA Times.
CNN concludes that "The far-reaching effort would reorder the roles of some key agencies to try to tighten government supervision of the financial sector. Obama's financial plan will include a proposal to get rid of the embattled Office of Thrift Supervision and merge it with the Office of the Comptroller of the Currency, a senior administration official said Tuesday evening."
Posted June 17th, 2009 by Armen Hareyan
