Mission
This Office helps formulate Treasury policy on financial
markets, including economic matters regarding, and the regulation
of, government securities, credit, equity, and derivatives
markets and their structures and participants. Issues include
financing initiatives, bankruptcy and financial contract
netting, risk management, trading and clearing systems,
systemic risk, financial modernization, financial accounting,
corporate governance, disclosure requirements, energy derivatives
markets, inflation-indexed securities, savings bond rates
and terms, and tax policy relating to financial markets.
The Office develops and prepares policy options, testimony
and briefings, and analyzes legislation, regulatory rulemakings,
and tax regulations.
The Office often collaborates with staff of other financial
markets agencies, particularly those of the President's
Working Group on Financial Markets. Chaired by the Secretary
of the Treasury, the Working Group includes the Chairs of
the Federal Reserve Board, the Securities and Exchange Commission,
and the Commodity Futures Trading Commission.
Reports
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The President's Working Group on Financial Markets, in the course of our ongoing review of
market practices and events, has set forth the following fundamental principles that will inform
our approach to private pools of capital.
Report of the Staff Task Force (Department of the Treasury,
Office of Federal Housing Enterprise Oversight, and Securities
and Exchange Commission), January 2003. The purpose of the
report was to evaluate government-sponsored enterprises'
current disclosure practices in mortgage-backed securities
and to consider whether disclosure enhancements would be
desirable in assisting investors to make informed investment
decisions. The report found that additional disclosures
in the MBS markets were desirable, feasible and would be
useful for investors. To implement additional disclosures,
the report encouraged market participants to reach a consensus
on appropriate enhancements.
Report of the President's Working Group on Financial Markets,
December 2001. The report addressed the potential uses of
swaps by retail customers, whether financial institutions
were willing to offer such agreements, and appropriate regulatory
structure to address customer protection issues. The report
concluded that it was not necessary to recommend legislative
action for retail swaps offered to persons other than eligible
contract participants.
Report of the President's Working Group on Financial Markets,
April 1999. The report recommended measures to improve transparency,
enhance private-sector risk management, develop risk-sensitive
capital adequacy, support financial contract netting in
bankruptcy, and encourage compliance with international
standards for offshore financial centers.
Report of the President's Working Group on Financial Markets,
November 1999. The report recommended changes to the Commodity
Exchange Act to provide legal certainty for over-the-counter
derivatives, remove impediments to innovation, reduce systemic
risk, and protect customers from unfair practices.
Last Modified:
March 1, 2007
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