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Your Guide to a New Era of  Financial Regulation

 

"Not modest reforms at the margin, but new rules of the game."

US Treasury Secretary

Tim Geithner

 

 

New Era of Financial Regulation:

Lessons Learned from the 2008/2009 Financial Crisis

 

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Legislative status

House Bill

Senate Bill

Amendments to Senate Bill

Conf Amendment

Conf Report

U.S. Treasury Proposal

Overview of Financial Regulatory Reform

Press release

Executive summary

Full report

 

 
   

Background Reports and Recommendations

Important events and papers leading up the new era of financial regulation include the following:

 

March 31, 2009. US Treasury Secretary Timothy Geithner outlined a framework for regulatory reform to address the lessons learned from the financial crisis.

 

March 29, 2009. Two former SEC Chairmen testified at a Senate Banking Committee hearing on the steps needed to respond to the financial crisis. Their comments generally favor greater transparency in financial reporting and reforms in the area of corporate governance to make boards of directors more accountable and better protect investors.

 

October 6, 2008. The Advisory Committee on the Auditing Profession issued its final report. Former Treasury Secretary Henry Paulson established this blue ribbon panel to examine the state of the auditing profession. The profession and its audits are a critical element to the effectiveness and efficiency of the US capital markets where 100 million people invest their savings and retirement assets.

 

March 31, 2008. The US Treasury Department released a blueprint for an improved regulatory structure. This Blueprint was a key part of then Treasury Secretary Henry Paulson's initiative to improve the competitiveness of the US capital markets in the increasingly global marketplace and to allow the US to more effectively protect investors and consumers in times of market disruptions. Paulson's recommendations included a new federal commission to oversee mortgage originations, modernization and elimination of duplication in the financial regulatory system, and creation of a new system to incorporate a market stability regulator, a prudential regulator and a business conduct regulator with a focus on consumer protection.

 

 

Insights - Geithner Plan

 

Insights - Former SEC Chairs

 

Report of the Advisory Committee on the Auditing Profession

 

2008 Treasury Press Release

2008 Treasury Fact Sheet

Paulson's 2008 Blueprint

 

   
   

Related Reports and Commentary

April 20, 2009. The G20 released a "Declaration on "Strengthening the Financial System." Among other things, it asks accounting standard-setters to improve standards for:   (a) the valuation of financial instruments within the framework of fair value accounting, (b) the recognition of loan loss provisions, and (c) accounting for off-balance sheet exposures.

January 29, 2009. The Congressional Oversight Panel of the TARP released a special report on regulatory reform.

January 21, 2009. The GAO released a report entitled, "A Framework for Crafting and Assessing Proposals to Modernize the Outdated US Financial Regulatory System."

January 15, 2009. The Group of Thirty released a report on "A Framework for Financial Stability."

 

Copyright 2009 Center for Financial and Accounting Literacy

 

 

 

G20's Declaration

 

 

COP Report

 

GAO's Report

 

G30's Framework