President Obama Wants New Rules for Wall Street

Just one day after President Obama unveiled his proposed overhaul of financial regulations, Treasury Secretary Tim Geithner was called to defend it on Capitol Hill. Would the Federal Reserve get too much power? Could banks, insurance companies and investment houses still get “too big to fail?” Would a new agency protect financial consumers against excessive risk? Would complex derivatives still have the potential to wreak havoc? These are just some of the questions being asked about the President's overhaul of the financial system, released yesterday and already under assault. Would it prevent another financial meltdown, stifle the entrepreneurial spirit or just return to business as usual?