New financial rules: Major changes for big, small
• APAimed at preventing a repeat of the
worst economic crisis in seven decades, the changes would begin to
reverse a determined campaign pressed in the 1980s by President Ronald
Reagan to cut back on federal regulations.
Obama's plan, spelled
out in an 88-page white paper, would do little to streamline the
alphabet soup of agencies that oversee the financial sector. But it
calls for fundamental shifts in authority that would eliminate one
regulatory agency, create another and both enhance and undercut the
authority of the powerful Federal Reserve.
