Obama Pares Back Regulation Plans: Report

The Obama administration is backing away from seeking a major reduction in the number of agencies overseeing financial markets, a report says.
Author:
Publish date:

The Obama administration is backing away from seeking a major reduction in the number of agencies overseeing financial markets, the

Wall Street Journal

reports, citing people familiar with the matter.

Administration officials had said they might push for major regulatory consolidation, but they now expect to call for most existing agencies to have broader powers to limit risk-taking by financial institutions, the

Journal

reports.

The administration is unlikely to call for merging the Commodity Futures Trading Commission and the

Securities and Exchange Commission

, an idea it was considering, these people say. It also isn't expected to call for the

Federal Reserve

, Federal Deposit Insurance Corp. or the Office of the Comptroller of the Currency to give up their primary authority to supervise banks.

No final decisions have been made, administration officials say, and the recommendations remain somewhat in flux, the

Journal

notes..