Financial Regulatory Reform

From the Washington Post: "The Federal Reserve, which has been at the center of the government rescue of the financial system, is now on the hot seat, with a debate on Capitol Hill emerging over its responsibility for the crisis and its proper role in preventing such events in the future."

The White House website has a transcript and summary of the President's remarks on the plan to overhaul the financial regulatory system. Fact sheets on specific facets of the plan are also available:

Requiring Strong Supervision And Appropriate Regulation Of All Financial Firms

Strengthening Regulation Of Core Markets And Market Infrastructure

Strengthening Consumer Protection

Providing The Government With Tools To Effectively Manage Failing Institutions

Improving International Regulatory Standards And Cooperation

The FinancialStability.gov website has the full "Financial Regulatory Reform" white paper. The website also offers an executive summary of the plan, statements on the plan by Secretary Geithner, and other supporting statements.

Sources: Appelbaum, B. (18 June 2009). "Obama Defends Financial Overhaul: Fault Lines Emerge as Industry Groups Blast Plan to Create Consumer Agency." Washington Post.
Irwin, N., and Appelbaum, B. (19 June 2009). "Lawmakers Balk As Administration Tries to Redefine Central Bank's Role."