Sen Schumer:Financial Regulation Overhaul Blueprint Ready By April 2
Schumer, a member of the Senate Banking Committee and the third most senior Senate Democrat, said that work was underway outlining how the U.S. intended to proceed on overhauling the regulatory landscape of the financial sector.
He said the goal was to have a blueprint ready by April 2, when Obama will travel to a meeting of the Group of 20 nations in London.
Schumer said it was unlikely that legislation would be drafted by then because the Obama administration wanted to consult with European and other leaders about the best way forward.
He also said that he didn't know whether there would be a single legislative package or a series of individual bills aimed at different aspects of the financial sector.
In the wake of the collapse of the financial sector and markets, a drastic overhaul of the regulation of the system has been expected for some time.
So far, lawmakers and the Obama administration have focused on efforts to get the financial system working again, including help for troubled homeowners and attempts to get credit flowing again.
But once the immediate crisis is passed, they are expected to turn their full attention to a complete reworking of financial regulation to ensure that institutions aren't taking on the level of unmanageable risk that led to the collapse in the system.
-By Corey Boles, Dow Jones Newswires; 202-862-6601; corey.boles@dowjones.com
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Publié le 25 Février 2009 Copyright © 2009 Dowjones
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