Some late breaking news on a Friday night:

WASHINGTON – The Bush administration is proposing a sweeping overhaul of the way the U.S. financial industry is regulated.

In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained Friday by The Associated Press.

The proposal would designate the Fed as the primary regulator of market stability, greatly expanding the central bank’s ability to examine not just commercial banks but all segments of the financial services industry.

I honestly don’t know enough about this at this time to really say anything about it, but it sounds like a step in the right direction. Apparently details will be forthcoming on Monday.