Bloomberg – President Barack Obama handed the U.S. Congress a road map for an overhaul of financial-services regulation in June, including greater oversight of derivatives and system-wide risks, new ways to wind down failed companies and a consumer agency to regulate credit cards and mortgages.
The House Financial Services Committee divided the proposal into seven pieces, and completed most of its work yesterday. The committee put off to next month consideration of measures dealing with firms considered too big to fail and the creation of a national insurance office. Representative Barney Frank, Democrat of Massachusetts, plans to repackage the pieces into one measure, and send that to the House floor in December.
