Executive Order 12631 --
Working Group on Financial Markets
By
virtue of the authority vested in me as President by the Constitution and laws
of the
Section 1. Establishment.
(a) There is hereby established a Working Group on Financial Markets (Working
Group). The Working Group shall be composed of:
(1)
the Secretary of the Treasury, or his designee;
(2)
the Chairman of the Board of Governors of the Federal
Reserve System, or his designee;
(3)
the Chairman of the Securities and Exchange
Commission, or his designee; and
(4)
the Chairman of the Commodity Futures Trading
Commission, or her designee.
(b)
The Secretary of the Treasury, or his designee, shall be the Chairman of the
Working Group.
Sec. 2. Purposes and
Functions. (a) Recognizing the goals of enhancing the integrity,
efficiency, orderliness, and competitiveness of our Nation's financial markets
and maintaining investor confidence, the Working Group shall identify and consider:
(1)
the major issues raised by the numerous studies on the events in the financial
markets surrounding October 19, 1987, and any of those recommendations that
have the potential to achieve the goals noted above; and
(2)
the actions, including governmental actions under
existing laws and regulations (such as policy coordination and contingency
planning), that are appropriate to carry out these recommendations.
(b)
The Working Group shall consult, as appropriate, with representatives of the
various exchanges, clearinghouses, self-regulatory bodies, and with major
market participants to determine private sector solutions wherever possible.
(c)
The Working Group shall report to the President initially within 60 days (and
periodically thereafter) on its progress and, if appropriate, its views on any
recommended legislative changes.
Sec. 3. Administration.
(a) The heads of Executive departments, agencies, and independent
instrumentalities shall, to the extent permitted by law, provide the Working
Group such information as it may require for the purpose of carrying out this
Order.
(b)
Members of the Working Group shall serve without additional compensation for
their work on the Working Group.
(c)
To the extent permitted by law and subject to the availability of funds therefor, the Department of the Treasury shall provide the
Working Group with such administrative and support services as may be necessary
for the performance of its functions.
Ronald
Reagan
The
White House,
[Filed with the Office
of the Federal Register,