Obama reveals plans to overhaul financial regulation

President Barack Obama this afternoon officially unveiled his plan to remake the government agencies that oversee the financial industry, calling it a "sweeping overhaul" designed to remedy a series of "mistakes and missed opportunities" that have hobbled the U.S. economy.

The proposals would eliminate some regulators while empowering others. It would create a new agency charged with policing financial products, like mortgages and credit cards, that are marketed to consumers. And it would subject companies seen as "too big to fail" to closer supervision.