A council of regulators would referee industry disputes under two leading financial reform bills, and the Treasury Department appears likely to pick up on the idea.

The panel would make the close calls on which agency would regulate a new financial product. Also, if Congress lets bank owners invest in nonfinancial businesses, the council would determine what activities count toward that portfolio of commercial activities.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.