The White House is set to announce a new financial regulation plan today.  A draft of the plan is available here, and as Stephen Labaton writes in the New York Times, if the final edition is in line with this draft, the Fed and the FDIC will soon have expanded regulatory powers:

The plan the president will formally announce on Wednesday would give the Federal Reserve greater supervisory authority over large financial institutions whose problems pose potential risks to the economic system. It would separately expand the reach of the Federal Deposit Insurance Corporation to seize and break up troubled financial institutions. And it would create a council of regulators, led by the Treasury secretary, to fill in regulatory gaps.

In doing so, the plan seeks to give Washington the tools to police the shadow system of finance that has grown up outside the government’s purview, and to make it easier for regulators to head off problems at large, troubled institutions or take control of them if they fail.

Labaton also points out that the plan has many contributors: many "government officials, financial experts, lawmakers, industry executives and lobbyists" weighed in on the proposed plan.  The Times's John Harwood asked President Obama yesterday whether he chose to put forward a plan that has a greater chance of political support rather than one that might be more comprehensive:

The President also sat down with the Wall Street Journal yesterday to discuss financial regulation, and he again stressed that his desire is for the federal government to have a "light touch" when it comes to regulation.  Here is a transcript of that interview.