Regulatory Restructuring S 566, HR 1705 The Treasury Department unveiled a sweeping plan to restructure the financial services regulatory system on June 17.The plan would merge the Office of Thrift Supervision with the Office of the Comptroller of the Currency, eliminate the thrift charter, give the Federal Reserve Board systemic risk oversight and create a consumer protection agency.

House Financial Services Committee Chairman Barney Frank is expected to move first on creating the consumer protection regulator, which would oversee nonbanks and financial institutions. The Treasury Department offered draft legislation on that part of the plan June 30, and Frank is expected to introduce his own bill soon. He has said he plans a vote on the bill by month's end.

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