Start holding your breath for the day that Paulson or the Bush administration bothers to use any powers that they already have to provide oversight. While the financial system needs plenty of improvement this is only a CYA by the administration. The Wild West Wall Street actions have been going on ever since the Republicans helped out their financial services lobbyist friends back when they had the majority in Congress. The Administration and the Fed have all ignored the problems because their friends were getting rich. Why should we suddenly believe them now when they say they are going to get tough?
We need reform, but we need much more than Paulson or Bush are suggesting.