Among Treasury chief's recommendations: Widening Fed's reach and creating a federal regulator for mortgage industry
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NEW YORK (CNNMoney.com) -- Treasury Secretary Henry Paulson on Monday proposed a set of sweeping changes to the nation's financial system, including a broad expansion of the Federal Reserve's powers, in what could herald the biggest regulatory overhaul of Wall Street since the Great Depression.
The plan comes as concerns about the housing crisis and its fallout in the financial system continues to fuel calls for change in Washington. The changes, if enacted, would be largely invisible to consumers but would drastically alter how the financial services industry is regulated.
"Government has a responsibility to make sure our financial system is regulated effectively," Paulson said. "And in this area, we can do a better job."
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