Martin T. Bannister Department of the Treasury Blueprint for Actions (2009)

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.Creating a State AdvisoryBoard ( SAB ) with a specific mandate to be a regular and transparent mechanism forproviding input into the rulemaking process represents one way to accomplish this.Sucha process could be used to bring issues of importance and relevance to the states toCBRA s attention.Given CBRA s wide responsibilities across all financial services, thecomposition of the SAB should likely have to be similarly broad, drawing onstate regulatory experience across all financial services and states attorneys generalexperience in business conduct areas.Role in Compliance and EnforcementAs noted above, the business conduct regulations established by CBRA should form aappropriate national standard applicable to all financial services providers, whetheroperating under federal or state charters.States could also play a role in enforcement.As noted above, states should continue toexercise authority under state laws that apply to state-chartered financial serviceproviders.In addition to that inherent function, state officials could also be given theauthority to monitor compliance and enforce CBRA s regulations for state-charteredfinancial services providers.Providing state officials with the authority to monitor andenforce compliance with federal regulations helps to avoid gaps in the implementation of theseregulations.Finally, states could also be granted some limited authority to address business conductissues associated with federally chartered financial institutions.For example, given theexperience of state officials with state-chartered financial institutions or other locallybased knowledge of business conduct issues (e.g., complaints regarding certain businesspractices in local areas), state officials could bring these issues to CBRA s attention.Based upon that local information, state officials could be given the authority to proceed withfull investigations and enforcement actions if approved by CBRA.An alternative to this grantof authority to state officials should be for CBRA (or the appropriate SRO) to use suchinformation to further investigate compliance issues and take enforcement actions asThe Optimal Regulatory Structure 149necessary.In both cases, the goal should be to build off the local knowledge of state officialsand to provide an appropriate role for states in business conduct oversight.In: Department of the Treasury Blueprint for Actions ISBN: 978-1-60692-512-6Editor: Martin T.Bannister, pp.151 � 2009 Nova Science Publishers, Inc.Chapter 7CONCLUSIONThe United States has the strongest and most liquid capital markets in the world.Thisstrength is due in no small part to the U.S.financial services industry regulatory structure,which promotes consumer protection and market stability.However, recent marketdevelopments have pressured this regulatory structure, revealing regulatory gaps andredundancies.These regulatory inefficiencies may serve to detract from U.S.capitalmarkets competitiveness.In order to ensure the United States maintains its preeminence in the global capitalmarkets, the Department of the Treasury ( Treasury ) sets forth the aforementionedrecommendations to improve the regulatory structure governing financial institutions.Treasury has designed a path to move from the current functional regulatory approach to anobjectives-based regulatory regime through a series of specific recommendations.The short-term recommendations focus on immediate reforms responding to the current events in themortgage and credit markets.The intermediate recommendations focus on modernizing thecurrent regulatory structure within the current functional system.The short-term and intermediate recommendations will drive the evolution of the U.S.regulatory structure towards the optimal regulatory framework, an objectives-basedregime directly linking the regulatory objectives of market stability regulation, prudentialfinancial regulation, and business conduct regulation to the regulatory structure.Such aframework best promotes consumer protection and stable and innovative markets.In: Department of the Treasury Blueprint for Actions ISBN: 978-1-60692-512-6Editor: Martin T.Bannister, pp.153-171 � 2009 Nova Science Publishers, Inc.APPENDIXAPPENDIX A FEDERAL REGISTER NOTICEDEPARTMENT OF THE TREASURY BILLING CODE 4811-42Review by the Treasury Department of the Regulatory Structure Associated withFinancial Institutions.AGENCY: Department of the Treasury, Departmental Offices.ACTION: Notice; request for comments.SUMMARY: The Treasury Department is undertaking a broad review of the regulatorystructure associated with financial institutions.To assist in this review and obtain a broad viewof all perspectives, the Treasury Department is issuing this notice seeking public comment.DATES: Comments should be submitted electronically and received by Wednesday,November 21, 2007.ADDRESSES: Please submit comments electronically through the Federal eRulemakingPortal Regulations.gov. Go to http://www.regulations.gov, select Department of theTreasury All from the agency drop-down menu, then click Submit. In the Docket IDcolumn, select TREAS-DO-2007-001 8 to submit or view public comments and to viewsupporting and related materials for this notice.The User Tips link at the top of theRegulations.gov home page provides information on using Regulations.gov, includinginstructions for submitting or viewing public comments, viewing other supporting and relatedmaterials, and viewing the docket after the close of the comment period.Please include your name, affiliation, address, e-mail address and telephone number(s) inyour comment.Where appropriate, comments should include a short ExecutiveSummary (no more than five single-spaced pages).All statements, including attachments andother supporting materials, received are part of the public record and subject to publicdisclosure.You should submit only information that you wish to make available publicly.FOR FURTHER INFORMATION CONTACT: Jeffrey Stoltzfoos, Senior Advisor,Office of the Assistant Secretary for Financial Institutions, (202) 622-2610 or MarioUgoletti, Director, Office of Financial Institutions Policy, (202) 622-2730 (not toll freenumbers).SUPPLEMENTARY INFORMATION: The Treasury Department is currentlyengaged in a number of initiatives associated with maintaining the competitiveness ofUnited States capital markets.One of those initiatives is evaluating the regulatorystructure associated with financial institutions.154 Martin T.Bannister (Editor)The regulatory structure for financial institutions in the United States has served uswell over the course of our history.Much of the basic regulatory structure associatedwith financial institutions was established decades ago.While there have been importantchanges over time in the way financial institutions have been regulated, the TreasuryDepartment believes that it is important to continue to evaluate our regulatory structure andconsider ways to improve efficiency, reduce overlap, strengthen consumer and investorprotection, and ensure that financial institutions have the ability to adapt to evolvingmarket dynamics, including the increasingly global nature of financial markets [ Pobierz całość w formacie PDF ]

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