Fed Chair Janet Yellen called the Treasury's report a "complicated document" that shared many of the central bank's objectives, including reducing regulatory burden without sacrificing safety and soundness.
One of the greatest factors hindering a full recovery following the 2008 crisis is improperly calibrated regulation, particularly of regional banking institutions.
The Treasury plan includes a slew of items that don’t require Congress to act, and appear feasible in the short term. Here's a guide to what changes could be made.
Sen. Mike Crapo, R-Idaho, welcomed Treasury Department recommendations on how to reform financial regulations and expressed optimism that many of the suggestions could become law.
Ahead of the House vote Thursday on the Financial Choice Act, the two parties were assailing each other as proxies for Wall Street and painting themselves as defenders of community banking and the consumer.
Matthew Zames, the bank's COO, is leaving because Jamie Dimon doesn't look like he is; Financial overhaul bill passes along party lines but is unlikely to be the last word on regulatory reform.
Senators on both sides of the aisle paid lip service Thursday to giving relief to community banks and credit unions, but didn't appear closer to specifics of what would be in a bill.
Sen. John Kennedy, R-La., said he wants policymakers to flesh out a potential return of the Glass-Steagall Act, but wasn't sure if it should separate commercial and investment banking.
