To prevent another financial crisis, the Obama administration is preparing to revamp the regulatory framework for the financial system. Questions are being raised about the roles of the Federal Deposit Insurance Corp., the Securities and Exchange Commission, the Federal Reserve, the Office of Thrift Supervision and other regulators. Officials' main goal is greater oversight of companies that could pose a systemic risk to the financial system and broader economy, but how to go about achieving that is still up in the air.

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