Fed System Overhaul: The Basics

The Goal

— To craft a far-ranging overhaul of the financial regulatory system
— Change how the government regulates thousands of businesses

Among the potentially affected

— The nation's biggest banks
— Investment houses
— Local insurance agents
— Mortgage brokers

Highlights of the plan

— Seeks to trim a hodge-podge collection of overlapping jurisdictions
— Give the Federal Reserve more power to protect the stability of the entire financial
— Merge day-to-day bank supervision into one agency
— Create one super agency in charge of business conduct and consumer protection.
— Proposes to eliminate Office of Thrift Supervision and the Commodity Futures Trading Commission, merging their functions into other agencies.
— Asks Congress to establish a federal Mortgage Origination Commission to set recommended minimum licensing standards for mortgage brokers
— Asks Congress to establish an Office of Insurance Oversight inside the Treasury Department.