Treasury Department Issues Long Awaited Report on Regulatory Reform for the Financial Services Industry

This article originally appeared as an Alert on ClarkHill.com, and is republished here with permission.

Pursuant to Executive Order 13772, issued February 3, 2017, the Department of Treasury has issued a report, A Financial System that Creates Economic Opportunities for Banks and Credit Unions (the "Report"), which sets forth the Trump Administration's plan to implement core principles to regulate the United States Financial Services Systems. The goal of these reform proposals is to promote individual decision-making regarding investments, to ensure efficiency and accountability in the operation of each administrative agency, and to provide competition and growth for the American economy. 

This report discusses potential reforms to the depository system, which covers banks, savings associations, and credit unions of all sizes, types and regulatory charters. Subsequent reports will discuss capital markets reform, asset management, insurance and housing reform.