In June, the Obama administration unveiled an ambitious effort to overhaul the nation's outdated system of financial regulations. Among other things, it sought to expand authority for the Federal Reserve and create a new federal agency to protect consumers, and it increased coordination with other nations to prevent businesses from migrating to lands with the least regulation.
Bringing the antiquated regulatory system up to date won't happen without a contentious debate set to unfold throughout the fall. While consumer advocates are pushing for sweeping reforms, those efforts have been tempered by heavy criticism levied on parts of Obama's plan by banking industry lobbyists and members of both political parties.
The legislative battles already are underway in the House Financial Services Committee, led by Rep. Barney Frank (D-Mass.), and in the Senate Banking Committee, led by Sen. Christopher J. Dodd (D-Conn.).
-- Brady Dennis