Obama to offer broad rewrite of market rules
WASHINGTON - President Obama is ready to roll out an overhaul of the intricate rules and systems that govern America's troubled financial institutions, proposing the most ambitious revision since the Great Depression.
The goal is to prevent a recurrence of the economic crisis that erupted last fall, with devastating consequences still reverberating around the world.
The regulatory changes, to be announced Wednesday, could result in a major realignment of power and authority between government agencies that set the rules for banking, lending, and investing and touch people's lives through daily transactions, from credit cards to mortgages and mutual funds.
The proposals are the source of a spirited debate in Congress over whether they will prove too timid - or place too heavy a hand on the levers of capitalism.
The administration is looking to address four perceived weaknesses: