Biz, U.S.: What Obama’s doing to fix flaws in financial oversight
- Cutting back As predicted a couple of weeks ago, the Office of Thrift Supervision, which supervises savings and loan programs and allowed the AIG fiasco, is going away completely, along with the charter that allows savings and loans to exist.
- Streamlining In an effort to prevent future financial crises while allowing breathing room for financial firms, the Federal Reserve will have more oversight over wide-scale economic risks that require longer-term planning to avoid.
- Obama’s take“Whether it’s on the consumer protection side, the investor protection side, the systemic risks … It’s going to be a much more effectively integrated system than previously,” he said. Congress needs to weigh in, BTW. source