Paulson Wants Quicker Regulatory Overhaul

The plan calls for "stronger oversight" of the mortgage market, including national licensing standards for brokers and increased disclosure from securitizers and ratings agencies. It also pushes credit rating agencies to provider better information to allow investors to make informed decisions about risk and calls for an industry cooperative to regulate products like credit default swaps, which now fall largely outside the realm of regulatory oversight.

"In our blueprint, we suggested an optimal regulatory structure for the long term in which the Federal Reserve would take on a different but important role as market stability regulator focused exclusively on the market as a whole," Paulson said.