Firm Memoranda

The Department of the Treasury Announces A New Foundation for Financial Regulatory Reform

Date: 06/24/09

On June 17, 2009, President Obama and Treasury Secretary Geithner unveiled the Department of the Treasury's proposed set of sweeping financial regulatory reforms. Billed as a "new foundation" for the U.S. and world economies to build upon going forward, the reforms have five stated objectives:

  • promote robust supervision and regulation of financial firms;
  • establish comprehensive regulation of the financial markets;
  • protect consumers and investors from financial abuse;
  • provide the government with the tools it needs to manage financial crises;
  • and raise international regulatory standards and improve international cooperation.

The reforms come in response to what Treasury describes as "the most severe financial crisis since the Great Depression." Below is a brief summary of certain significant elements of the proposal.

The Department of the Treasury Announces a New Foundation for Financial Regulatory Reform.pdf (pdf | 171.42 KB )