The Treasury Department has released a blueprint for overhauling the regulation of financial markets to forestall future crises in the mortgage and credit markets.Under the blueprint, there would be a “conduct of business regulator” to monitor the business conduct of financial firms. The agency would assume many of the roles of the Commodity Futures Trading Commission, the Securities and Exchange Commission, and insurance and banking regulators. The blueprint also envisions a “corporate finance regulator” that would encompass the SEC’s oversight of accounting regs.

In addition, the Federal Reserve would have the overall responsibility of becoming a “market stability regulator.”

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