Obama Unveils Rules For Systemic Risk Regulation

Law360, New York (July 23, 2009, 7:16 PM EDT) -- Putting more meat onto its proposal for regulating systemic risk throughout the financial system, the Obama administration submitted to Congress legislation that would establish the Federal Reserve as the prime systemic regulatory institution, create a Financial Services Oversight Council, create an Office of National Insurance and require all systemically important financial firms to have a resolution plan should they run into trouble.

The legislative package submitted by the Treasury Department Wednesday night grows out of the Obama administration's broader financial regulatory overhaul, but in many ways...
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