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President Barack Obama and Democrats in Congress, the Government will this month with a major U.S. plans to overhaul financial regulation and increase the momentum behind them. From the collapse of the mortgage-Bernard Madoff scandal, the financial system is in crisis. Critics are hammering of the federal bureaucrats who are allegedly responsible for the management of the economy, the police Wall Street and protect investors. Some of the bodies under fire have familiar names, the Fed, Treasury, SEC, FDIC, some less so CFTC, OCC, OTS. All are under the control of reformers who talk about closures, combinations and fundamental redesign missions. "We have a major shake-up," said Norman Ornstein, resident scholar at the American Enterprise Institute, a Washington, DC, think tank. Mr. Obama, the oath of office on 20 January, has quickly in appointing a new Secretary General and Head of Treasury at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He has, for the adoption of the "new common-sense rules of the road, the protection of investors, consumers and our entire economy of fraud and manipulation by an irresponsible few." The early signals "a new and different era and activists," said Mr. Ornstein. Of course, Mr. Obama is not the first President to target this problem. The streets of Washington are littered with bold plans to reform the financial supervisory bureaucracy. Earlier efforts have crumpled, the victims of the agency turf battles and attacks from industry lobbyists defending the status quo. In 2002 post-Enron Sarbanes-Oxley reforms, especially on the limited corporate governance and auditing issues. This time, more fundamental changes should look like. Americans, with a deep recession are looking for fiscal years scandals and high pay packages for the corporate elite. The government has greatly expanded its role in the economy. By saving the billionaire financier who drove the financial system to the brink of catastrophe, the Bush administration and Congress are all taxpayers, a stake in the financial services industry and its supervision. Banking giant once a symbol for Free-Wheeling capitalism, such as Goldman Sachs, are now on a voluntary basis, to more closely regulated bank holding companies. More than just a few months in 2008, the balance of power in the economy, the financial heights seemed shift away from New York and Washington plutocrats politicians. If that's enough, Mr. Obama and the Democrats could only through meaningful reform push, say some analysts. More than 15000 employees of the federal government, throughout the seven primary colors agencies regulate banks, the economy, financial markets and businesses, often with limited success. The White House is in the System Center, but historically the President to delegate much responsibility for the agency heads. The banks are of a patchwork of agencies, including the Treasury Department and two of its units, the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS)-as well as the Federal Reserve, the Federal Deposit Insurance Corp. and provincial governments. The government also regulates the market for equities, bonds, commodities, futures and options. These jobs will be primarily through the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The patchwork of supervision by these seven agencies and a few smaller is badly torn at the seams, where responsibilities are unclear and have abuse. From subprime mortgage-backed securities to collateralized debt obligations, the financial system and renewed exploded in size in recent years amid political zeal for deregulation. Reform have tried, often to the centralization of supervision. Some have suggested measures such as merging the SEC and CFTC, and closing the OTS. Vital new approach to the Fed. Months ago, Treasury Secretary Henry Paulson suggested that the U.S. central bank's monetary policy from a center in a kind of super-guard against the "systemic risk" in the economy. Since then, the Fed has almost only know that when attempting to improve the markets, the billions of dollars in loans to banks and companies so that the lender of last resort for large parts of the whole economy. Dealing with the Fed expanded scope is the key to any reform. The chances are good that more will centralize banking supervision at the Fed now that Mr. Obama has tapped New York Fed President Timothy Geithner to replace Mr. Paulson at Treasury. Other topics are what to do mortgage giants Fannie Mae and Freddie Mac, which is now under the control of the state, and the outlook for the insurers and credit card companies. The House of Representatives Financial Services held a hearing on the scandal Madoff, as the SEC and missed it, with two further hearings later in the week about the ongoing financial bailout program and mortgage brokers. The players Barack Obama, President The new U.S. president, his office on 20th January, wants to strengthen in the field of financial services for a Free-Wheeling period of some blame for the capital crisis after the recession. Many Democrats in Congress with Obama. A reorganization seems likely for the alphabet soup of agencies to monitor and banks. Decades of deregulation can be slammed into reverse by Mr. Obama, a community organizer and civil rights lawyer before entering the Senate in 2005. "A free market was never as a free license to take what you can get," he said in a speech in New York in March. Mr. Obama has proposed that in exchange for support from the U.S. government, financial institutions should be made subject to stricter capital and liquidity needs. Timothy Geithner, Treasury Secretary nominee Like Obama, the candidate to be finance minister has a reputation for being cool under pressure, spent some of his childhood in the Third World and playing pickup basketball. Timothy Geithner, 47, seems to have the urgency. He played a major role in the shaping of U.S. policy during the Asian and Russian economic crisis in the years 1997-1998, when he was in his late 30s. He served under former Treasury secretaries Robert Rubin and Lawrence Summers. As president of the New York Federal Reserve Bank since November 2003, he worked closely with Ben Bernanke and Henry Paulson's proposal to the financial system. Golden Boy but his reputation was tarnished by his involvement in the decision to let investment bank Lehman Brothers is not a step for the debt of some immersion of an already fragile financial system into a downward spiral. However, Mr Geithner has been praised for the front of the curve to see the need for a central counterparty clearing house for derivatives, even if it under criticism because it anticipated the depth of the fallout from the housing crisis. Mary Schapiro, SEC Chairman-designate Ms. Shapiro could be the first Securities and Exchange Commission chief preside over the agency's death. That would be a formidable prospect for everyone, even a veteran like Ms. Schapiro, since more than two decades on the road through America's financial control of the bureaucracy. At 53, she was nominated last month by Mr. Obama at the head of an agency formally notified of the criticism that it seriously wrong, the worst financial crisis since the Great Depression. Since Mr. Obama and Democrats, Congress moved this year to overhaul how Washington regulates Wall Street, the banks and the markets for debt, Ms. Schapiro, a lawyer, is in the spotlight. She was preceded by a SEC commissioner. She also chaired the futures market regulate Commodity Futures Trading Commission. She was most recently chief executive of a brokerage watchdog group, the Financial Industry Regulatory Authority, or FINRA. The fact that they are on the SEC and CFTC has led some to speculate that Mr. Obama is planning, the two regulatory agencies, an idea that has kicked around for years and has gained ground, as talk of a massive revision has increased. But others say that Ms. Schapiro is not known as a reformer; FINRA has concluded that a mediocre enforcement, has spent that much time to them in a badly broken system, and it is not the breath of fresh air, on the top the SEC.