On June 17, 2009 the Obama Administration published a white paper outlining a comprehensive set of financial reform proposals.  The proposals, as expected, are broad and detailed.  If you are interested in a relatively short summary, the item produced by the US law firm K&L Gates accessible at the following link: http://www.klgates.com/newsstand/Detail.aspx?publication=5728 .

The K&L summary notes that while the proposals would have significant impact on the financial services industry, they are more moderate than many expected.  They are less far reaching than many proposed by certain commentators (e.g., the January 2009 proposals from the Group of 30).  Many of the proposals require Congressional legislation.  At present, the key targets include empowering the Federal Reserve as the systemic risk regulator and the proposed CFPA, recommendations which interest groups have criticized in the days since the proposal’s release.

The Obama Administration has subsequently followed up on its June 17 white paper with piecemeal legislative proposals addressing some (but by no means all) of its reform program.  The following link to a subsequent K&L summary gives a good and readable update on the US legislative proposals to date:  http://www.klgates.com/newsstand/Detail.aspx?publication=5800 .  This summary concludes with the following assessment on the prospects for additional proposals and legislative action:

The Obama Administration is expected to continue filling in the details of its regulatory reform plan at much the same speed. The pattern where the Administration’s release of its proposed legislative language is followed in short order by the House’s release of largely similar legislation is also expected to continue and is indicative of the high level of coordination that is taking place between the White House and Capitol Hill. Chairman Frank has scheduled a number of tentative hearings and markups through the end of July; additional hearings and markups will continue into the fall, after Congress returns from its August recess.

I thought you might find the above of interest given where we are in Europe.

Best wishes,

Vincent J.Derudder"

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