President Barack Obama said Tuesday he hopes "it doesn't take too long to convince Congress" to approve new authority to oversee big, tottering financial firms.
The administration is pushing the idea of an overarching regulator, such as the Federal Reserve, to have the ability to take over nonbank financial entities whose failure could topple the entire banking system.
Treasury Secretary Timothy Geithner is expected to detail the administration's proposal for a broad overhaul of financial sector regulations during testimony Thursday before the House Financial Services Committee. Along with the new regulating authority, the administration wants increased oversight and controls of previously unregulated markets such as hedge and private equity funds.