In proposing the broadest overhaul of financial oversight since the Great Depression, the Bush administration has kicked off a fierce debate. It pits those eager to revamp an antiquated system against an industry opposed to excessive regulation.
The administration is aware of the hardening lines. The 200-page plan set for release Monday comes with the financial system in the midst of the most severe credit crisis in two generations.
That crunch has meant billions of dollars of losses for big banks and investment houses. It has caused the near-collapse of the country's fifth largest investment bank, made it harder for consumers and businesses to get loans and pushed the country to the brink of a recession.
