May 14, 2009

With bank stress tests out of the way, the Obama administration has turned its focus to reshaping how the government oversees financial institutions and could potentially push to consolidate regulators.On Wednesday, in a speech to community bankers, Treasury Secretary Tim Geithner said he and President Obama believe the nation needs a "much more simplified, consolidated oversight structure."

Geithner said his agency would unroll a new bill proposing "substantial changes" to the regulatory system in the next couple of weeks. Top Treasury staffers met Friday with leading industry lobbyists to discuss regulatory overhaul, according to industry sources.Two months ago, Geithner unveiled proposed new regulatory changes to prevent future financial collapses.