Banking regulators get big say on rules

WASHINGTON (AP) — Banking regulators shared the blame for the financial crisis that buckled Wall Street. Now they’re the ones lawmakers are counting on to give final shape to the new overhaul of financial rules.

In section after section of the massive 1,560-page Senate bill, lawmakers leave much of the details for the regulators to figure out. These are the bank and market overseers — the Federal Reserve, the Office of the Comptroller of the Currency, the Securities and Exchange Commission — who took a beating for not overseeing Wall Street more strictly and for failing to see the danger before it struck in 2008.

Of prime interest to the industry will be the final rules on derivatives, how much money and assets they must have on hand as capital, and to what degree they will have to give up their securities trading activities.

Tags: us business, business, banking