Included in the administration's proposal for a sweeping revamp to the U.S. financial regulatory regime are recommendations that standard-setters agree on a single set of global accounting standards and iron out any differences over fair value accounting. Last month, President Obama and Treasury Secretary Tim Geithner oudined a massive overhaul for financial oversight that included granting the Federal Reserve expanded powers to supervise financial firms deemed "too big to fail," creating a Consumer Financial Protection Agency to protect consumers from unfair, deceptive and abusive financial practices, and dismantling the Office of Thrift Supervision.
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