That about sums up initial reactions to the Treasury Department’s proposed overhaul of the U.S. financial services industry. CNNMoney’s David Ellis says the plan could be “the biggest regulatory overhaul of Wall Street since the Great Depression” and “would be largely invisible to consumers but would drastically alter how the industry is regulated.” According to Ellis’s analysis, the proposal calls for the following:
Not surprisingly, analysts are chiming in from all corners of the financial world.
The Mortgage Origination Commission sounds like a great idea, given the current subprime debacle. But to me, the rest of the plan sounds like they’re just rearranging the regulatory furniture a bit.
Am I wrong? What do you think about the proposal? Will this improve the financial regulatory process?