Obama Unveils Sweeping Changes To Financial Regulation

Obama is unveiling on June 17th some very broad and significant changes to the financial regulatory environment including:

1. Creation of a Consumer Financial Protection Agency.
2. New oversight over largely unregulated derivatives markets .
3. Requirements on how banks turn their investments, such as mortgages, into complex securities (possibly retention of 5% will be required).
4. Create of a Financial Services Oversight Council, headed by the Treasury secretary.
5. Eliminating the Office of Thrift Supervision (OTS), the regulator for savings and loan institutions.