President Barack Obama has proposed the most "sweeping" regulatory overhaul since the 1930s, aiming to stop future meltdowns and purge the finance system of lax oversight, greed and huge debts.
"We did not choose how this crisis began. But we do have a choice in the legacy this crisis leaves behind," Obama said.
"My administration is proposing a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression."
The reforms, which must be approved by Congress, will inject the government deeper into the finance sector in a bid to tame the recklessness which saw a mortgage meltdown tip the world into deep economic crisis.
They are the latest attempt by the Obama administration to heal the US economy and ensure it never again pitches into such turmoil… More to read: Stephen Collinson, AFP - Washington, June 17