WASHINGTON -- The Bush administration is proposing a sweeping overhaul of the nation's financial regulatory system, combining what is now an alphabet soup of government agencies into three streamlined regulators.I have a little bit of hatred towards alphabet soup. Thanks, AP U.S History. Oh yeah, and guess who can up with the title of this article? I am good, aren't I?
The proposal is the result of a year of study by Treasury Secretary Henry M. Paulson Jr. and has the support of president, according to Treasury officials who spoke on condition of anonymity Friday.
Under the administration's plan, which will be released in detail Monday, the Federal Reserve would get expanded power to promote stability in financial markets.
The Securities and Exchange Commission and a handful of other federal agencies -- all formed in the Great Depression or earlier -- would be restructured and have their responsibilities redefined. - LA Times