Obama to unveil plans for financial sector overhaul

President Barack Obama will unveil on Wednesday his plans for reshaping US financial regulation, with proposals to close one bank regulator and create new overseers for big-picture economic risk and consumer financial product safety.

In a package of reforms that takes on many tough jobs while avoiding at least one, the administration will call for tighter oversight aimed at preventing a repeat of the severe banking and capital markets crisis that has shaken economies around the world.

Months of debate in the US Congress lie ahead. Committees of both the Senate and the House of Representatives have scheduled more than a dozen hearings on regulatory reform between now and mid-July. Conservative House Republicans have already offered their own rival plan.

Obama will present his proposals at 12:50 pm EDT on Wednesday, the White House said. Treasury secretary Timothy Geithner, members of Congress, regulators and representatives from the financial industry

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