President Barack Obama pledged on Tuesday to pursue major changes in U.S.
financial regulation, but warned it will be a "heavy lift" politically with
special interests already offering opposition.

The president is expected to formally unveil a set of proposals for
tightening oversight of banks and markets on Wednesday, after six months of
debate over strategies and with the economy still hurting from a severe
financial crisis.

One key element in the administration's plan will be the creation of an
independent Consumer Financial Protection Agency that will write and enforce
rules on fair lending and other matters, according to a document obtained by
Reuters that was later confirmed by an administration official.

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MAIN STORIES ON US REFORM FINANCIAL REGULATION:
> Obama to call for US product watchdog, merge agencies [ID:nN16308003]
> Obama would give financial protection agency teeth [ID:nN16158153]
> US Treasury won't pitch new insurance rules - sources [ID:nN16450131]
> Obama reform plans target banks, securitization [ID:nN15190553]
> Obama to require lenders to keep 5 pct of credit risk [ID:nN15219466]
> Wall St uneasy about reform of credit rating agencies [ID:nN15437266]
> Amherst's Dobson: Bank stakes in securitizations not enough [ID:nN15406884]
> US aims to force lenders to retain risk in securitizations [ID:nN15642100]
ANALYSES:
> Systemic banking risk within Congress's purview [ID:nN16293975]
> Banks view regulations plans as just proposals [ID:nN15439342]
>
FACTBOXES
> Obama plan for tightening US financial regulation [ID:nN15211435]
> Key players in reshaping US financial regulation [ID:nN1570842]
> Major US financial regulation initiatives [ID:nN15211009]
> Major US financial regulators face shake up [ID:nN15198192]
(New York Treasury Desk, +1-646-223-6352)