The U.S. Department of the Treasury has issued a report to the President recommending extensive regulatory and legislative reforms to the U.S. capital markets. The recommendations, in response to the White House's executive order on core principles for financial regulation, primarily focus on regulatory actions that can be taken by the Securities and Exchange Commission and Commodity Futures Trading Commission. They also address a wide range of issues, including the U.S. regulatory structure, access to capital, and securitization and derivatives requirements. Some of the recommended changes could be implemented soon; however, regulatory actions that require notice and comment could be under consideration into 2019. This Jones Day White Paper describes the report's key recommendations.