Treasury Secretary Timothy Geithner recently told market participants, including SIFMA representatives, that a single regulator is needed to oversee banks that might pose a risk to the financial system. The Obama administration is said to favor giving such authority to the Federal Reserve. Meanwhile, Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., and Mary Schapiro, chairwoman of the Securities and Exchange Commission, said they favor a council of regulators for oversight of systemic risk. The different opinions indicate that an overhaul of the financial regulatory framework will likely take a considerable amount of time.

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