Treasury Eyes September for Market, Asset Manager Reports

By Rob Tricchinelli

The Treasury Department is likely to simultaneously release separate reports on U.S. capital markets and asset managers in mid-September, a top official said June 21.

The reports will be a second wave after a June 12 Treasury analysis of depository institutions, which explored potential ways to overhaul rules and restructure regulators. President Donald Trump signed an executive order early in the year requiring Treasury to perform a wholesale review of financial laws, and the department is releasing a series.

A fourth report on nonbank financial institutions, set to include fintech recommendations, will follow in October, Craig Phillips, a counselor to Treasury Secretary Steven Mnuchin, said at a seminar in Washington.

“That’s going to be a really exciting range of topics that has some nexus with Dodd-Frank,” he said.

Lighter Touch

The first report proposes rewriting banking stress tests rules, retooling trading regulations and changing the Consumer Financial Protection Bureau’s director structure and mechanism annual funding.

Recommendations like those, as well as personnel moves, foreshadow a lighter touch to regulation that Trump administration financial officials are likely to pursue.

Treasury has said the capital markets report will tackle debt, equity, commodities, and derivatives markets, plus central clearing, and the asset management one will also include the insurance industry and retail and institutional investment products.

Those two will come out together because of the similar subject matter, Phillips said.

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