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At a glance: Obama’s financial overhaul

President Barack Obama has proposed the most sweeping overhaul of the way the US government oversees financial markets since the 1930s.

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Here are the details of the plan.

– A new Financial Services Oversight Council of regulators led by the Treasury to identify emerging “systemic” risks and improve interagency cooperation.

– New authority for the Federal Reserve to supervise all firms that could pose a threat to financial stability, even those that do not own banks.

– Stronger capital and other prudential standards for all financial firms, and even higher standards for large firms.

– A new National Bank Supervisor to supervise all federally chartered banks.

– Elimination of the federal thrift charter and other loopholes that allowed some depository institutions to avoid bank holding company regulation by the Federal Reserve.

– The registration of advisers of hedge funds and other private pools of capital with the SEC.

– New requirements for market transparency, stronger regulation of credit rating agencies, and a requirement that issuers and originators retain a financial interest in securitized loans.

– Comprehensive regulation of all over-the-counter derivatives.

– New authority for the Federal Reserve to oversee payment, clearing, and settlement systems.

– A new Consumer Financial Protection Agency to protect consumers across the financial sector from unfair, deceptive, and abusive practices.

– A new regime to resolve nonbank financial institutions whose failure could have serious systemic effects.

– Revisions to the Federal Reserve’s emergency lending authority to improve accountability.

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