In the aftermath of the financial crisis that hit the global economy in 2007, changes to the nation's financial system are being proposed and debated. One key proposal came on June 17, 2009, when the Obama administration issued recommendations that would substantially alter how the U.S. financial system is regulated. As that idea and others are raised, discussed and implemented, this web site will track key developments.

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Recent News

Nov. 19, 2009 | Senate Committee Markup | Text of Draft Legislation

The Senate Committee on Banking, Housing & Urban Affairs conducts a markup of the "Restoring American Financial Stability Act of 2009." The bill was first introduced on Nov. 10, 2009.

Member Statements
Nov. 19, 2009 | Joint Committee Hearing

The U.S. Congress Joint Economic Committee holds a hearing titled "Financial Regulatory Reform: Protecting Taxpayers and the Economy."

  • Testimony from Treasury Secretary Timothy Geithner
Nov. 18, 2009 | House Committee Press Release

The House Committee on Financial Services announces the passage of an amendment to the Financial Stability Improvement Act of 2009 submitted by Rep. Paul Kanjorski (D-Penn.). The amendment would, among other things, create standards for identifying, examining and reducing risks at "Too Big to Fail" financial institutions. The amendment would also give federal regulators the authority to resolve large systemically important financial firms.

  • Text of the Kanjorski Amendment to the Financial Stability Improvement Act of 2009
Nov. 17, 2009 | House Committee Markup

The House Committee on Financial Services resumes its markup of two pieces of legislation: an amendment to the Federal Insurance Office Act of 2009 (H.R. 2609) and the Financial Stability Improvement Act of 2009 (H.R. 3996).

  • Text of the Financial Stability Improvement Act of 2009 discussion draft
  • Text of the amendment to the Federal Insurance Office Act of 2009 discussion draft
Nov. 10, 2009 | Senate Committee Press Release | Summary of Legislation

Sen. Christopher Dodd, chairman of the Senate Committee on Banking, Housing & Urban Affairs, issues a discussion draft of the Restoring American Financial Stability Act of 2009. If signed into law, the legislation would, among other things, create a single federal banking regulatory agency, create an independent consumer financial protection agency and create an independent council of regulators to identify risks to the financial system.

  • Text of the Restoring American Financial Stability Act of 2009