WASHINGTON, March 30 (UPI) -- Plans to restructure financial regulations in the United States are a long-term effort that will do little to boost today's ailing economy, critics say.
The 200-page plan to be officially released Monday by Treasury Secretary Henry Paulson Jr. has already drawn criticism, The Washington Post reported Sunday.
Consumer groups and some Democrats have said the plan looks out for the needs of the financial markets but ignores the needs of consumers, while some regulators are concerned about provisions that would strip oversight authority from such agencies as the Securities and Exchange Commission.
Senate Banking Committee Chairman Christopher Dodd, D-Conn., said the Bush administration's earlier inaction is responsible for the nation's current financial woes.
"Regrettably, the administration's blueprint, while deserving of careful consideration, would do little if anything to alleviate the current crisis -- which was brought on by a failure of will," Dodd said.
Rep. Spencer Bachus of Alabama, the ranking Republican on the Financial Services Committee, called the plan comprehensive.
"I commend the administration and Secretary Paulson for regulatory restructuring and reform that is very comprehensive in its potential impact," Bachus said.
