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American Treasury discloses financial reforms
On Monday, the US Treasury Department disclosed a sweeping plan on Monday to radically alter the country's financial regulatory framework. The potentially promising move suggests numerous items on Wall Street's wishlist if it comes true.
The 150-page report, suggesting more than 100 changes, most of which would be carried out via regulators rather than Congress, as Treasury Secretary Steven Mnuchin informed.
Changes announced by the Treasury Department suggest easing up on restrictions big financial institutions are currently facing in their trading operations and lightening the annual stress tests they’re bound to face, simultaneously diminishing the powers of the Consumer Financial Protection Bureau.
Lenders with assets $50 billion or less would have to deal with fewer regulatory hoops than counterparts with multitrillion-dollar balance sheets.
Representatives for the six key American financial institutions refused to comment.
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