WASHINGTON – The Bush administration is expected to unveil a plan today to deal with the ongoing crisis in the financial markets by consolidating banking regulators–NCUA with the banking agencies–and creating a new agency to oversee mortgage lending by all financial institutions.

The proposal, to be introduced in a speech by Treasury Secretary Henry Paulson, would give new powers to the Federal Reserve to limit risk in the financial markets and to lend to non-bank institutions; and would abolish certain agencies, like the Commodity Futures Trading Commission, by merging it into the Securities and Exchange Commission, and the Office of Thrift Supervision.

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