WSJ: “Here are some key parts of the draft legislation hashed out between House Financial Services Committee Chairman Barney Frank (D., Mass.) and the Treasury Department.
1) It would create a financial services oversight council, chaired by the Treasury Secretary, which would consist of Federal Reserve Chairman, Comptroller of the Currency, Federal Deposit Insurance Corp. Chairman, and heads of the Securities and Exchange Commission, Federal Housing Finance Agency, Commodity Futures Trading Commission, and others. The council would:
a. advise Congress on banking regulation
b. identify companies and activities that should be subject to more supervision.
c. Issue formal recommendations that a council member adopt for firms it regulates.
d. Resolve a dispute between regulators.
e. Subject a financial activity or practice to tougher rules and standards if the activity could threaten companies or markets…”