Financial Regulatory Reform: Consumer Financial Protection Proposals (CRS Report for Congress)
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| Release Date |
Revised May 26, 2010 |
| Report Number |
R40696 |
| Report Type |
Report |
| Authors |
David H. Carpenter, Legislative Attorney; Mark Jickling, Specialist in Financial Economics |
| Source Agency |
Congressional Research Service |
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Summary:
In the wake of what many believe is the worst U.S. financial crisis since the Great Depression, the Obama Administration has proposed sweeping reforms of the financial services regulatory system, the broad outline of which has been encompassed in a nearly 90-page document called the President's White Paper (the White Paper or the Proposal). The Proposal seeks to meet five objectives: (1) 'Promote robust supervision and regulation of financial firms'; (2) 'Establish comprehensive supervision and regulation of financial markets'; (3) 'Protect consumers and investors from financial abuse'; (4) 'Improve tools for managing financial crises'; and (5) 'Raise international regulatory standards and improve international cooperation.' The Administration likely will offer specific legislative proposals that would implement each of the five objectives of the White Paper. [â¦] This report provides a brief summary of the President's CFPA Act and delineates some of the substantive differences between it and H.R. 3126, as introduced. It then analyzes some of the policy implications of the proposal, focusing on the separation of safety and soundness regulation from consumer protection, financial innovation, and the scope of regulation. The report then raises some questions regarding state law preemption, sources of funding, and rulemaking procedures that the Act does not fully answer.
