June 12, 2017

The U.S. Department of the Treasury issued its first in a series of reports to President Donald J. Trump examining the financial regulatory system in the United States. The report details executive actions and regulatory changes that can be immediately undertaken and focuses on solutions the Executive Branch can execute through regulatory changes and executive actions.

This report, and the subsequent reports, will identify any laws, treaties, regulations, guidance, reporting, record keeping requirements, and other government policies that inhibit Federal regulation of the U.S. financial system in a manner consistent with the Core Principles, which were set forth in the Executive Order 13772 on February 03, 2017. The principles promote American competitiveness, both at home and abroad, while making regulation efficient, effective, and appropriately tailored. The U.S. Treasury Secretary Steven T. Mnuchin said, “Properly structuring regulation of the U.S. financial system is critical to achieve the administration’s goal of sustained economic growth and to create opportunities for all Americans to benefit from a stronger economy.” The report detailed the following findings:

Community financial institutions—banks and credit unions—are critically important to serve many Americans

Capital, liquidity, and leverage rules can be simplified to increase the flow of credit

Global competitiveness of banks in the United States must be ensured

Improving market liquidity is critical for the U.S. economy

The CFPB must be reformed

Regulations need to be better tailored, more efficient, and effective

Congress should review the organization and mandates of the independent banking regulators to improve accountability

 

As a next step, the Treasury and the Administration will begin working with Congress, independent regulators, the financial industry, and trade groups to implement the recommendations advocated in the report through changes to statutes, regulations, and supervisory guidance. Subsequent reports will be issued over the coming months and will focus on markets, liquidity, central clearing, financial products, asset management, insurance, and innovation, among other key areas.

 

Related Links

Press Release

Report (PDF)

Keywords: America, USA, Banking, Securities, US Treasury, US Regulatory System, Core Principles, Insurance

Related Articles
News

IMF Releases Report on 2019 Article IV Consultation with United States

IMF published its staff report in the context of the 2019 Article IV consultation with the United States.

June 24, 2019 WebPage Regulatory News
News

BIS Report Discusses Regulatory Issues Related to Big Techs in Finance

BIS has pre-released a chapter of the BIS Annual Economic Report; this chapter focuses on the risks and opportunities presented by large technology firms in the financial services sector.

June 23, 2019 WebPage Regulatory News
News

IOSCO Report Examines Liquidity in Corporate Bond Markets

IOSCO published a report that examines the factors affecting liquidity, under stressed conditions, in the secondary corporate bond markets.

June 21, 2019 WebPage Regulatory News
News

FED Publishes Results of the 2019 Stress Tests for Banks

FED published a report presenting results of the Dodd-Frank Act Stress Test (DFAST) exercise for 2019.

June 21, 2019 WebPage Regulatory News
News

BCBS Report Examines Global Pillar 2 Supervisory Review Practices

BCBS published a report that examines the Pillar 2 supervisory review practices and approaches in Basel member jurisdictions.

June 21, 2019 WebPage Regulatory News
News

IASB Publishes Work Plan and Meeting Updates for June 2019

IASB published an updated work plan and a summary of its June meeting, which presents preliminary decisions of the Board.

June 21, 2019 WebPage Regulatory News
News

HKMA Publishes Banking Exposure Limits Code Under Banking Ordinance

HKMA issued a circular to all authorized institutions informing that the Banking (Exposure Limits) Code has been published in the Gazette on June 21, 2019.

June 21, 2019 WebPage Regulatory News
News

OSFI Proposes Guideline on Internal Model Oversight for Insurers

OSFI proposed the draft guideline E-25 on the internal model oversight framework for federally regulated property and casualty (P&C) insurance companies.

June 21, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for June 2019

Under the Single Rulebook question and answer (Q&A) updates for this week, EBA published one answer regarding the calculation of institution-specific countercyclical capital buffer rates.

June 21, 2019 WebPage Regulatory News
News

SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

June 21, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3304