WASHINGTON: President Barack Obama proposed a major overhaul of the U.S. financial system Wednesday, unveiling measures he hopes would restore confidence and prevent a repeat of the worst crisis to hit Wall Street in seven decades.
The Obama plan would give new powers to the Federal Reserve - the U.S. central bank - to oversee the entire financial system and create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis.
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