The Bush administration is proposing the most sweeping overhaul of the financial regulatory system since the Great Depression.

The plan will change how the government regulates thousands of businesses from the nation's biggest banks and investment houses down to the local insurance agent and mortgage broker.

Treasury Secretary Henry Paulson has unveiled the blueprint and declared that a strong financial system is important not just for Wall Street but also for working Americans.

"Some may view these recommendations as a response to the circumstances of the day, yet, that is not how they are intended. This blue print addresses complex, long term issues."

Paulson says that the crisis in the housing industry remains a top priority.

The plan covers everything from financial institutions to the housing markets to the insurance and mortgage industries.

The administration's plan is already drawing criticism from Democrats that it does not go far enough to deal with abuses in mortgage lending and securities trading that are exposed by the current credit crisis.