US to reveal reform plan 'on June 17'

WASHINGTON: The Obama administration plans to unveil on June 17 its sweeping plan to overhaul financial regulation, according to a source familiar with thinking at the US Treasury Department.

The proposal will serve as a framework for lawmakers as they embark on the thorny task of restructuring how banks, hedge funds, derivatives, and other financial firms and securities are policed.

Treasury Secretary Timothy Geithner will testify on June 18 before the House Financial Services Committee on the proposal, the source said, speaking anonymously because the administration has not formally announced the dates.