(Jun 13) -- The Treasury Department has called for legislation to boost its oversight capabilities in order to prevent regulatory duplication. The Financial
Stability Oversight Council (FSOC) would play a larger role in the coordination and direction of regulatory and supervisory policies and would have
the ability to assign a lead regulator when agency directives clash.
The Treasury secretary chairs FSOC and directs its agenda. Treasury also
recommended bringing the independent Office of Financial Research (OFR) under Treasury's control, with a director appointed by the Secretary, without a fixed term and subject to removal at will, and that
the budget of OFR come under the control of the Treasury appropriation and budget process.
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