Following an announcement from earlier this week, President Obama has laid out his plans for sweeping new regulations of the financial system.
The reforms are designed to prevent a repeat of the financial meltdown from last year that sent the economy into the deepest recession in decades.
In addition to requiring financial institutions to hold greater reserves as backup for losses and setting new conflict of interest rules for credit rating agencies, the government will also propose new laws to expand the oversight powers of the Federal Reserve.
The White House has also committed to seeing through the establishment of a Consumer Financial Protection Agency.
"It’s time we put the needs of American families above the interests of Wall Street," Obama said.
However, House Republican Leader John Boehner has expressed concerns a consumer board will allow government to interfere with the free market, according to Reuters.
Many lawmakers are also reportedly skeptical about extending the control of the Fed.
Democratic Senator Chris Dodd of Connecticut, chairman of the Senate Banking Committee, said the recent near-financial collapse has left the government and the people with little confidence in the central bank.