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Blueprint for Regulating Financial Industry Unveiled

Treasury Secretary Henry Paulson issued a sweeping proposal to overhaul how U.S. financial companies are regulated. The proposal does not address the immediate crisis, but seeks to lessen the impact of crises in the future.

Note: Experts quoted in this piece on Treasury Secretary Paulson's proposal include: Hal Scott, professor of finance, Harvard University; Nouriel Roubini, professor of economics, New York University, and founder of Roubini Global Economic Monitor; Lou Crandall, chief economist, Wrightson ICAP; and Travis Plunkett, legislative director, Consumer Federation of America.

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Adam Davidson is a contributor to Planet Money, a co-production of NPR and This American Life. He also writes the weekly "It's the Economy" column for the New York Times Magazine.