Regulation overhaul by Paulson Jr.

According to NY Times, the Bush administration is proposing the broadest overhaul of Wall Street regulation since the Great Depression.

The plan hands vast new authority to the Federal Reserve...The proposals would, for the first time, create a set of federal regulators with authority over all players in the financial system, be they banks, insurance companies or other entities like hedge funds and private equity funds, which now operate virtually without regulation. But that authority would be limited...