Obama admin. proposes financial system regulation

May 27, 2009 6:46:23 PM PDT
The Obama administration is proposing that the Federal Reserve serve as an all-seeing regulator to detect activities that could pose risks that undermine the entire financial system. The administration also is recommending two new agencies to protect consumers and investors.

The proposals are part of six regulatory overhaul recommendations that the administration is circulating among key lawmakers. Persons familiar with the plan say details still need to be hammered out. No announcement is expected from the administration until the week of June 8 at the earliest.

Treasury Secretary Timothy Geithner and other administration officials have discussed the regulatory proposals in the past. But the plan circulating on Capitol Hill indicated that the ideas are beginning to come together into a formal package for Congress to consider.

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