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Washington
Treasury to unveil reg restructuring progress
WASHINGTON (2/4/08)—Treasury Under Secretary for Domestic Finance Robert. Steel will speak publicly Thursday on Treasury's progress in creating a blueprint to improve the U.S. financial regulatory structure. Steel is scheduled to make his remarks at the New York Society of Security Analysts Annual Wall Street Forum in New York City at 8 a.m. Treasury Secretary Henry Paulson announced plans in June to evaluate and improve financial regulations in ways that would increase efficiency, reduce overlap, strengthen consumer and investor protections and ensure that financial institutions have the ability to keep pace with evolving markets. In October, the department requested public comment on issues involved in its ambitious and comprehensive plan improve the framework for the regulation and insurance of financial institutions. The Credit Union National Association (CUNA) wrote that the current regulatory structure is right for credit unions. Consolidating federal financial institution regulatory agencies would have dire consequences for credit unions because they are "distinctive and exceptional financial organizations" that require their own regulatory framework, the CUNA letter to Treasury said. For more of the CUNA comment letter, use the resource link below.


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