The Obama administration has detailed a series of proposals that will deepen the government's role in private markets. An 85-page report credits a "gap in regulation" which allowed companies to give faulty loans and overspend.
The proposals ask Congress to start allowing the government to dismantle large businesses that are in trouble. The proposals also ask that the Federal Reserve be given greater and "consistent" oversight over the largest financial firms.
Congress is holding a hearing on the proposals as soon as the 18th of July. Congress officials have reportedly said they hope to pass some version of plan by this years end. "Speed is important," Obama said in a CNBC interview.