Joey Wahoo
03-29-2008, 07:50 PM
Here is a link to the entire executive summary.
http://online.wsj.com/public/resources/documents/WSJ_20080328_Paulson.pdf
Check this out:
President’s Working Group on Financial Markets
In the aftermath of the 1987 stock market decline an Executive Order established the President’s Working Group on Financial Markets (“PWG”). The PWG includes the heads of Treasury, the Federal Reserve, the Securities and Exchange Commission (“SEC”), and the Commodity Futures Trading Commission (“CFTC”) and is chaired by the Secretary of Treasury. The PWG was instructed to report on the major issues raised by that stock market decline and on other recommendations that should be implemented to enhance market
integrity and maintain investor confidence. Since its creation in 1988, the PWG has remained an effective and useful inter-agency coordinator for financial market regulation and policy issues.
Treasury recommends the modernization of the current PWG Executive Order in four different respects to enhance the PWG’s effectiveness as a coordinator of financial regulatory policy.
First, the PWG should continue to serve as an ongoing inter-agency body to promote coordination and communication for financial policy. But the PWG’s focus should be broadened to include the entire financial sector, rather than solely financial markets.
Second, the PWG should facilitate better inter-agency coordination and communication in four distinct areas: mitigating systemic risk to the financial system, enhancing financial market integrity, promoting consumer and investor protection, and supporting capital markets efficiency and competitiveness.
Third, the PWG’s membership should be expanded to include the heads of the Office of the Comptroller of the Currency (“OCC”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of Thrift Supervision (“OTS”). Similarly, the PWG should have the ability to engage in consultation efforts, as might be appropriate, with other domestic or international regulatory and supervisory bodies.
Finally, it should be made clear that the PWG should have the ability to issue reports or other documents to the President and others, as appropriate, through its role as the coordinator for financial regulatory policy.
http://online.wsj.com/public/resources/documents/WSJ_20080328_Paulson.pdf
Check this out:
President’s Working Group on Financial Markets
In the aftermath of the 1987 stock market decline an Executive Order established the President’s Working Group on Financial Markets (“PWG”). The PWG includes the heads of Treasury, the Federal Reserve, the Securities and Exchange Commission (“SEC”), and the Commodity Futures Trading Commission (“CFTC”) and is chaired by the Secretary of Treasury. The PWG was instructed to report on the major issues raised by that stock market decline and on other recommendations that should be implemented to enhance market
integrity and maintain investor confidence. Since its creation in 1988, the PWG has remained an effective and useful inter-agency coordinator for financial market regulation and policy issues.
Treasury recommends the modernization of the current PWG Executive Order in four different respects to enhance the PWG’s effectiveness as a coordinator of financial regulatory policy.
First, the PWG should continue to serve as an ongoing inter-agency body to promote coordination and communication for financial policy. But the PWG’s focus should be broadened to include the entire financial sector, rather than solely financial markets.
Second, the PWG should facilitate better inter-agency coordination and communication in four distinct areas: mitigating systemic risk to the financial system, enhancing financial market integrity, promoting consumer and investor protection, and supporting capital markets efficiency and competitiveness.
Third, the PWG’s membership should be expanded to include the heads of the Office of the Comptroller of the Currency (“OCC”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of Thrift Supervision (“OTS”). Similarly, the PWG should have the ability to engage in consultation efforts, as might be appropriate, with other domestic or international regulatory and supervisory bodies.
Finally, it should be made clear that the PWG should have the ability to issue reports or other documents to the President and others, as appropriate, through its role as the coordinator for financial regulatory policy.