WASHINGTON (CN) - The Barack Obama administration introduced legislation Friday as part of its plan to impose sweeping reforms on the financial regulatory system. The language would give the government new power to intervene when large, interconnected firms become unstable "to help insure that the federal government does not, in the future, have to choose between bailouts and financial collapse."
That statement from the Treasury Department statement is in support of legislation that would require that large, interconnected firms to correct themselves if their levels of capital fall below a certain threshold and prepare a plan for "financial distress."
The Securities and Exchange Commission or the Federal Deposit Insurance Corporation could even be allowed to take over the functioning of a large and interconnected firm to, for example, sell off assets.
The language would also create a new regulator, the National Bank Supervisor. Regulatory fees would be limited with some regulators required to coordinate on their fees in order to make it mostly even across the board. settlement supervision
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