The recent Group of Thirty report is likely to be the framework for some very comprehensive regulatory reform by Obama.
Quote:
On January 15, 2009, The Group of Thirty released its latest report: Financial Reform: A Framework for Financial Stability. The report addresses flaws in the global financial system and provides 18 specific recommendations to: improve supervisory systems by redefining the scope, boundaries, and structure of prudential regulation; enhance the role of the central banks; improve governance practices and risk management; address pro-cyclicality via capital and liquidity standards; enhance accounting practices; strengthen the financial infrastructure; and increase coordination internationally
Group of Thirty
Recommendations
|
Obama's economic team were significant players in the report - Paul Volcker, Tim Geitner, Larry Summers. Its likely that we will see the framework of significant US regulatory reform by the time that Obama attends his first G-8 summit meeting this summer.
More from the Economist -
Financial regulation...How to fix finance
The push back from the right will be interesting to watch over the next few months as the proposed reform dribbles out.
Prepare for more charges of "euro-socialism" or "New World Order" fueled by the Limbaurghs, O'Reillys, Malkins and other ignoramuses who claim they know better than any economist.