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Obama Admin Readies Pitch for Regulation Overhaul

Official White House Photo/Pete Souza On Wednesday, President Obama will make a speech unveiling the administration's proposal for overhauling the regulatory system. Treasury Secretary Tim Geithner and National Economic Council director Larry Summers give a general outline today in the Washington Post. And here's the Wall Street Journal on what you can expect:

At the center of the plan, which administration officials are referring to as a "white paper," is a move to remake powers of the Federal Reserve to oversee the biggest financial players, give the government the power to unwind and break up systemically important companies — much like the Federal Deposit Insurance Corp. does with failed banks — and create a new regulator for consumer-oriented financial products, according to people involved in the process.

Other links this morning:
Federal Intervention Pits 'Gets' vs. 'Get-Nots' (WSJ)
As U.S. Overhauls the Banking System, 2 Top Regulators Feud (NYT)
Penetrating the Maze of Mortgage Relief (NYT)
Avoiding Firms That Prey On Troubled Homeowners (NYT)
F.D.I.C. Is Watching as GMAC Bank Sets Rates (NYT)
Short on Time and Options, Lawyers Remade Chrysler (NYT)
Lender’s Role for Fed Makes Some Uneasy (NYT)

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