Paulson Says Treasury Blueprint Coming Soon, As He Encourages Regulators To 'Continue Building Robust Cooperative Framework'
In a speech earlier today (March 26) at the U.S. Chamber of Commerce's Second Annual Capital Markets Summit, U.S. Treasury Secretary Henry M. Paulson said Treasury’s blueprint to modernize the regulatory structure is coming soon. He added that in light of the Bear Stearns bailout and the Federal Reserve’s (Fed’s) response to recent market turmoil, he also encouraged regulators to ‘continue their work of building a robust cooperative framework’ and to ‘consider whether a more formalized working agreement should be entered into to reflect these events.” Paulson also discussed the housing downturn and various responses in place to address the resultant market turmoil. He said the correction in the housing market was inevitable, and should not be slowed, although the Administration and Congress are taking certain actions to maintain orderly markets and to help avoid ‘preventable’ foreclosures. Additional highlights from Paulson's remarks can be found here.