US: A proposal for a corporate finance regulator

The Treasury Department has published its Blueprint for a Modernised Financial Regulatory Structure. The report makes many recommendations, the purpose of which are to improve regulatory coordination and oversight and to eliminate duplication. The report describes an optimal regulatory structure, with three main regulators: a market stability regulator, a prudential financial regulator, and a business conduct regulator. In addition, tasks are given to a federal insurance guarantor and a corporate finance regulator (CFR). With regard to the CFR, the Blueprint explains (p. 21):

"The corporate finance regulator should have responsibility for general issues related to corporate oversight in public securities markets. These responsibilities should include the SEC’s current responsibilities over corporate disclosures, corporate governance, accounting oversight, and other similar issues".