NEW YORK (CNNMoney.com) – President Obama on Wednesday will finally announce his long-anticipated plan to restructure how banks and other firms are regulated in the hope of preventing another financial collapse.
The far-reaching effort would reorder the roles of some key agencies to try to tighten government supervision of the financial sector.
Obama's plan will include a proposal to get rid of the embattled Office of Thrift Supervision and merge it with the Office of the Comptroller of the Currency, a senior administration official said Tuesday evening.
The OTS has been on the hot seat for months for its role as the overseer of American International Group (AIG, Fortune 500) and failed lenders IndyMac and Washington Mutual. The comptroller's office is a Treasury Department bureau that regulates national banks.