Monday, March 31, 2008

Blueprint for a Modernized Financial Regulatory Structure

Here are some quick links to "hot off the presses" information on Treasury Secretary Henry Paulson's announcement this morning of a restructuring of the financial regulatory system.

The complete Blueprint (PDF format - 200 pages)
Summary Fact Sheet (PDF - 7 pages)

Main Regulatory Blueprint Initiative page

Transcript of Secretary Paulson's remarks

I'll have more to say after I review and digest the announcement.

For those in the class already thinking about a group project, a review and assessment of this blueprint sounds like an interesting one to pursue.

3 comments:

Ben said...

Although I've only skimmed the WSJ article and the U.S. Treasury Fact Sheet, I'm not sure his reforms will pass. Turf wars with the other regulatory groups may stall any push for change while others may fight like heck to keep their high-paying govt jobs.

I've got an OK relationship with the FED and OCC that sit on my floor (I work for a financial institution). I ask them for comment and post some of their thoughts.

Stay tuned; I'll see what I can get before class.

Ben M.

Eliezer said...

Thanks, Ben. I'd like to hear what some of the ground troops are saying.

The WSJ published an internal OTS memo last week which was obviously in response to lots of ppl being worried about their jobs. Here's a link to the article:
http://online.wsj.com/article/SB120684217367374871.html?mod=googlenews_wsj

Ben said...

Ha!!! No one from the FED and OCC will talk openly about Paulson's blueprint for better regulatory oversight. These [well trained] guys have played the game long enough to know not to speak to the public about their concerns/comments.

Last week, I spoke to a guy from the FED. He said (in a very polite and friendly manner) to view Bernanke's official response at their web site: http://www.federalreserve.gov/newsevents/press/other/20060530a.htm.

Today, I spoke to a guy from the OCC who responded the same way. The official response is posted at http://www.occ.treas.gov/ftp/release/2008-35.htm.