CNN Financial News Producer
President Barack Obama this week will propose the most sweeping reorganization of financial-market supervision since the 1930s, a revamp that would touch nearly every corner of banking from how mortgages are underwritten to the way exotic financial instruments are traded.
In an Op-Ed piece published in today's Washington Post, Treasury Secretary Timothy Geithner and the Director of the National Economic Council, Lawrence Summers, said the proposal would grant the Federal Reserve increased power in the oversight and management of the largest financial companies in the market.
It would also create an agency like the Federal Deposit Insurance Corp., to oversee consumer-oriented financial products.
The President is expected to officially unveil the specific details of the proposal on Wednesday.
Oil falls below $70 per barrel
Crude oil prices sank more than $2 to below $70 per barrel today as the U.S. dollar rose, stocks fell and a slew of global events put downward pressure on prices.
Oil prices had been on a tear recently. On Thursday, crude settled at $72.68 - the highest since Oct. 20 - before giving back some gains Friday.
Stocks turn lower
Stocks on Wall Street tumbled out of the gate this morning as investors dumped a variety of shares, influenced by protests in Iran regarding the disputed presidential election and a slump in commodity prices and stocks.
Through the end of last week, Wall Street had been on a three-month run up. The Dow has risen in 12 of the past 14 weeks and was in positive territory for the year for the first time since January. And the S&P 500 is up 40% from its 12-year low in March.
Gas nearing $2.70
Gas prices rose 6-tenths of a cent overnight to $2.67. This is the 48th consecutive increase.
Since April 29th, the average price of gas has increased 62.1cents or 30.3%.
The average price of a gallon of gas is down $1.44 or 35.1% from the record high price of $4.114 that AAA reported on July 17, 2008.
The highest gas prices are in California ($3.006). The cheapest gas prices are in South Carolina ($2.463)
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