WASHINGTON, DC - The US Treasury has outlined its framework for regulatory reform in light of the critical gaps and weaknesses exposed in the US regulatory system by the past 18 months of market crisis.
The Treasury breaks down reform into four parts; firstly addressing systemic risk; protecting investors and consumers; eliminating gaps in the regulatory structure; and fostering international co-ordination. The last point will be the major focus of G-20 leaders in London on April 2.
"To address these failures will require comprehensive reform - not modest repairs at the margin, but new rules of the road," said Geithner, addressing the House Financial Services Committee. "The new rules must be simpler and more effectively enforced and produce a more stable system, that protects consumers and investors, that rewards innovation and that is able to adapt and evolve with changes in the financial market."
The Treasury framework for regulatory reform can be read here.
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