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The Federal Reserve would get new powers to identify companies considered too big to fail. A proposed new agency to protect financial consumers faces industry opposition.

This is the VOA Special English Economics Report.Hp laptop battery

On Wednesday, President Obama proposed major changes to rebuild government supervision of the financial industry.

BARACK OBAMA: "So today, my administration is proposing a sweeping overhaul of the financial regulatory system, a transformation on a scale not seen since the reforms that followed the Great Depression."

The current economic downturn grew out of a culture of irresponsible lending and borrowing and "a failure of the entire system," he said. He says a new system is needed to meet the speed and complexity of a 21st century global economy.

Treasury Secretary Tim Geithner says the financial crisis developed in part because the existing system let some companies Pavilion dv2000(hp dv2000 battery), HSTNN-LB31, EV088AA, 417066-001
F4486B, shop for the weakest regulator." He discussed the plan before the Senate Banking Committee on Thursday.

One goal is to increase supervision of big companies whose failure could threaten the financial system.Pavilion dv2000(hp dv2000 battery), The Federal Reserve would gain new powers. The central bank would work with a proposed Financial Services Oversight Council to decide which companies are too big to fail.

The idea is to identify troubled companies early. But the Fed would now have to seek permission from the Treasury to carry out emergency lending.

The administration also proposes a new Consumer Financial Protection Agency. It would be responsible for protecting people from unfair and abusive practices with borrowing and investing.

The administration also supports another proposal. Lenders would have to keep 5% of the home loans they would normally group together to sell as securities. The idea is that lenders will be more responsible in making loans if they might not be able to pass off risky mortgages to investors.HSTNN-LB31,

Democratic leaders in Congress say they hope to pass a bill for the president to sign by the end of the year.

Some groups were dissatisfied with the proposals. Insurance companies hoping for simplified rules will continue to deal with different supervisors in every state. And there is almost no effort to combine the numerous federal regulatory agencies into a single financial regulator.

An industry group, the Financial Services Roundtable, says it supports many of the administration's proposals -- but not for a consumer protection agency. It opposes separating the regulation of a company from its products, saying each regulator will only have half the information. Pavilion dv2000(hp dv2000 battery), HSTNN-LB31, EV088AA, 417066-001
F4486B, The industry "does not necessarily need more regulation," it says," but rather more effective regulation."

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

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VOICE ONE:

In time Mister Oppenheimer's work in science and teaching made people forget the accusations against him. The government decided to give him the highest award of the Atomic Energy Commission for his work on atomic energy. President Lyndon Johnson presented the honor in late 1963. It was called the Enrico Fermi Award.

J. Robert Oppenheimer died of throat cancer on February 18th, 1967.417066-001, He was 62 years old.

VOICE TWO:

Enrico Fermi had worked with Robert Oppenheimer and other top scientists to develop the atom bomb. He won an award for his work in atomic energy from the Atomic Energy Commission in 1954. It was the first time the award was presented. Later, Pavilion dv2000(hp dv2000 battery), HSTNN-LB31, EV088AA, 417066-001
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VOICE ONE:

Enrico Fermi was born in Rome, Italy, on September 29, 1901. After his education in Italy,F4486B, he studied with Max Born in Germany, just as Robert Oppenheimer had.

Enrico Fermi returned to Italy in 1924. He became that nation's first professor of theory of physics. At the time there was almost no physics education offered in Italy

He married Laura Capon, who also was a scientist, in 1928. Laura was Jewish. Later the Fermis decided to leave Italy, because the Fascist government had begun oppressing Jews.