Obama's regulatory reform focuses on heading off another crisis

The financial-reform proposal presented by President Barack Obama has little in common with the vast reshaping of the regulatory landscape that administration officials talked about at the beginning of the year. The administration chose, instead, to put all of its energy behind a few crucial changes that it thinks are essential to saving the U.S. from another destructive financial crisis. Most of the new powers would end up in the hands of the Federal Reserve.

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