President Barack Obama unveiled a detailed plan to overhaul regulations for the financial industry — including a new Consumer Financial Protection Agency — on June 17, 2009.

His plan also gives the government the power to regulate derivatives and intervene in large, interconnected financial institutions (not just banks). The Federal Reserve would receive new powers to police systemic risk.

The administration released an 88-page position paper outlining the proposal, and Obama delivered formal remarks before members of Congress, regulators and Cabinet secretaries to kick off the plan.

"Millions of Americans who've worked hard and behaved responsibly have seen their life dreams eroded by the irresponsibility of others and by the failure of their government to provide adequate oversight," Obama said. "Our entire economy has been undermined by that failure."

His proposal has a way to go before becoming law. U.S. Treasury Secretary Timothy Geithner appeared before Congress the day after the plan was announced and fielded many questions about whether the plan was the best way to go.

Sen. Christopher Dodd, D-Conn., and the head of the Senate Banking Committee, raised concerns about giving additional regulatory powers to the Federal Reserve. Geithner responded that the new powers were modest and made sense given the Fed's other responsibilities.

We've designated this promise one of our Top Promises , and we'll be watching and providing more detail as the debate unfolds. This promise is still clearly In the Works.