WASHINGTON Former Federal Reserve Board Chairman Paul Volcker and his nonpartisan think tank proposed a massive shake-up of the U.S. financial regulatory system on Monday that would consolidate oversight into three super regulators.
The plan would divide the regulatory framework into three categories, with one building off the current Financial Stability Oversight Council to focus on stability issues and craft policy, another in charge of supervising all financial institutions and a final piece that would combine the SEC and the Commodity Futures Trading Commission to police the capital markets.
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