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Poster by artist Alex Ross (for any wingnuts visiting, this is just a poster, you know, art)Austan Goolsbee, a senior economic adviser to Obama, told Reuters in an interview that the Democratic candidate could begin a push for a financial regulatory overhaul early if he is elected to the White House.More from Goolsbee.
Following are six principles Obama has laid out that would form the basis of his plan.
- Any institution that has access to credit from the Federal Reserve in its role as lender of last resort must be subject to basic supervisory oversight by the Fed. Those regulations should include liquidity and capital requirements.
- Regulations of financial institutions should be tightened up with steps such as a strengthening of capital requirements and guarding against conflict of interest by rating agencies. The U.S. effort should include coordination with regulators abroad to try to achieve some consistency. Read the rest.