On June 17, 2009, the U.S. Department of the Treasury issued a white paper entitled “Financial Regulatory Reform – A New Foundation: Rebuilding Financial Supervision and Regulation” (the “New Foundation White Paper”).(1) The New Foundation White Paper outlines the Obama administration’s proposals for significant changes in the framework under which financial institutions are regulated by the federal government. The regulatory changes proposed in the New Foundation White Paper map against a few major themes:
An in-depth analysis of the many complex regulatory changes proposed in the New Foundation White Paper is outside the scope of this paper and readers are encouraged to review some of the existing law firm and other analyses that are publicly available.(3) These analyses discuss the Obama administration proposed regulatory changes in detail. Part II of this posting will analyze possible business and IT impacts of the “New Foundation” proposals, if enacted into law.
Jeff Jinnett is Governance, Risk Management & Compliance Industry Market Development Manager, US Financial Services Group., for the Microsoft Corporation. Mr. Jinnett is a former partner of the international law firm of LeBoeuf, Lamb, Greene & MacRae, LLP (now Dewey & LeBoeuf) and has experience in advising Fortune 500 companies in the financial services industry on the use of technology to support corporate governance, risk management and compliance programs. Mr. Jinnett has testified as an expert before committees of the US Senate on issues relating to the intersection of law and technology. He is a member of ARMA (a records and information management professional association) and the Society of Corporate Compliance & Ethics (SSCE).