Responding to the disastrous meltdown in the credit markets that began a year ago, the Obama administration, led by Treasury Secretary Timothy Geithner, has put forth a plan for regulatory reform that offers a number of much needed changes to our financial system. Among them are proposals that would allow the U.S. Securities and Exchange Commission to regulate hedge funds and credit default swaps, two investment arrangements whose precarious structures did much to hasten the near collapse of our economy.
The Treasury’s plan would also create two new federal panels. They would be charged with making sure that a calamitous situation like the one brought on last autumn by wild speculation would never occur again. The first, the Financial Services Oversight Council, would be tasked with identifying such excessive risks in the markets and safeguarding the public from them. The second, the Consumer Financial Protection Agency, would have the responsibility to make sure that mortgage and credit card borrowers get fair treatment in their dealings.
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