It sounds good on paper but I will believe it when I see it. The leads on this - Shapiro and Geithner - are saying the right things but it's still a mystery what they had been doing in recent years when they were supposed to already be watching the markets. Both have been in New York both before the crash and during the initial period so at least they should have a working knowledge of what went wrong. It's all a bit late but again, let's see what they do now. Hopefully they lose the chummy relationship with Wall Street don't drop the ball this time.
The Obama administration plans to move quickly to tighten the nation’s financial regulatory system.
Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.
Broad new outlines of the administration’s agenda have begun to emerge in recent interviews with officials, in confirmation proceedings of senior appointees and in a recent report by an international committee led by Paul A. Volcker, a senior member of President Obama’s economic team.
A theme of that report, that many major companies and financial instruments now mostly unsupervised must be swept back under a larger regulatory umbrella, has been embraced as a guiding principle by the administration, officials said.
