Both parties not only question the Fed’s performance but worry that the financial reforms will make the central bank even more politicized.

The  financial overhaul expands the Fed's powers but also restricts them, underscoring the central bank's awkward role in bank  regulation and the economy.

The new financial consumer protection agency to be included in Obama's regulatory reforms will have broad powers, covering a variety of products and services, CNBC.com has learned.

Though the Obama administration is offering a less radical regulatory reform plan for the financial sector, the measures may still attract serious opposition.

“I would assume this will go down to the wire," says one economist. “The jury is still out on whether all these programs are working or not working. There’s no mileage for the administration to declare early.”

Inflation hawks are circling the market,  but unlike in past recoveries, it's unlikely to rear its ugly head anytime soon. In fact, the threat may be years away, say economists.

The Republican Party blueprint for reform would strip the Federal Reserve of significant powers, create a single banking regulator, establish a special bankruptcy code to handle the collapse of too-big-to-fail non-banking firms and promises "no more bailouts."

The Republican Party blueprint for reform would strip the Federal Reserve of significant powers, create a single banking regulator, establish a special bankruptcy code to handle the collapse of too-big-to-fail non-banking firms and promises "no more bailouts."

"In 90 days you've gone from an attitude on Wall Street that the financial system is on the precipice to a feeling that happy days are here again," one pro says.

A report by the Congressional Oversight Panel says the Obama administration's program to test the financial health of the nation's biggest banks was "constructive" but also raises "serious qustions."