Timothy Geithner

The administration unveiled its sweeping proposal for a new Consumer Finance Protection Agency that will have oversight of everything from credit cards to tax advisors. Click here to download the full report.

Treasury Secretary Timothy Geithner was even more explicit in remarks Monday about government plans to consolidate the financial regulatory structure, referring to it as “an incredibly archaic, segmented, complex oversight regime” that the government intends to “simplify and consolidate.”

The government will push market participants to use standardized over-the-counter derivatives that can be cleared by a central clearing-house and impose tighter supervision on institutions that trade customized derivatives away from such clearinghouses.

Treasury Secretary Timothy Geithner said the government will recycle some bailout funds it gets back from banks to offer smaller banks a second bite at the apple, in the form of a federal injection of capital through the Capital Purchase Program.