Proposals Include New Agency to Guard Consumers' Rights, Crackdown on Securities Markets

By MATTHEW JAFFE

President Barack Obama is poised Wednesday to outline the biggest financial regulatory overhaul since the Great Depression, part of sweeping measures by the administration to prevent a future economic crisis as severe as the current one.

"The broad principle is that a lack of oversight, a series of regulatory gaps, allowed financial institutions -- not just banks, but non-bank institutions -- to engage in wild risk-taking that didn't simply imperil those institutions, but imperiled the United States' economy and had a profound recessionary effect on the world economy," Obama said Tuesday at the White House.

"We are going to put forward a very strong set of regulatory measures that we think can prevent this kind of crisis from happening again," he said. "We expect that Congress will work swiftly to get these laws in place. I want to sign them and we want to get them up and running."

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Federal Reserve to gain power under plan

Targets dangers to economy. Click here!

And where was Bwarney Fwranks?