The Obama Administration has released its new financial services regulatory plan, and there were few surprises. The SEC and CFTC will not be merged. The Fed will be in charge of monitoring systemic risk. The OTC will be shut down. The government will be able to seize large, troubled companies (think AIG), even if they aren't banks. 

All of this has been discussed ad nauseum. It will be discussed even more as some potentially heated debate takes place in Congress. The Senate and House will hold more than a dozen committee hearings on regulatory reform over the next month or so. A group of house Republicans have already put forward a competing plan. The lobbyists will be in hard-press mode as there is a lot is on the line. Stay tuned. 

For more:
- here's the AP article
- expanding Fed reach a good idea? Article

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