The Bush administration today is releasing the most ambitious plan for overhauling the nation's financial system since the Great Depression.
The 200-page proposal won't affect the current economic mess but is aimed at preventing similar disruptions in the future. Among other things, it would give the Federal Reserve broad new powers to keep markets steady.
The Bush plan has been in the works for more than a year. It's a response to complaints from the financial services industry that over-regulation by Washington is hurting U.S. companies in the global economy. Over the weekend, administration officials defended the plan as a way to keep the U.S. competitive.
They also expect a lot of debate on the details.
But key congressional Democrats appear generally supportive, House Financial Services Committee Chairman Barney Frank calling it a "very constructive step forward."