The Obama administration has already scaled back its proposed overhaul of the financial regulatory system, but some of the initiatives are still expected to face opposition. The proposal reportedly includes establishing a systemic federal regulator, providing greater oversight for derivatives and giving the government authority to seize large institutions. "I think this is significant; I think they're headed in the right direction," said Lawrence White, a former economist and regulator at the White House. "They're trying to go up with a politically feasible proposal rather than a pie-in-the-sky one."

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