financial regulatory system

Congress is expected to finish work this week on the biggest changes to the financial regulatory system since the 1930s - giving regulators a green light to start working on hundreds of new rules that the bill orders up.

The House is expected to pass the sweeping package of reforms to the financial regulatory system later Wednesday, moving the bill a step closer to the finish line.

President Barack Obama has been trying to push through a number of epic policy changes, such as an effort (now stalled) to revamp the financial regulatory system and his pet project (now passed) to expand health insurance.

But none of these endeavors will have as much impact on our nation's future as his decisions on whom to appoint to the three open positions on the Federal Reserve's board of governors.

Really.

More than a year after the financial system blew up, efforts to build a better financial regulatory system are just now getting hammered out in the Senate.

Health care isn't the only item lawmakers have to tackle. Tamara Keith reports that Congress' to-do list also includes climate legislation and reforming the financial regulatory system.

The Obama administration plans to release updated details in the coming weeks to guide Congress on the best way to reshape the nation's financial regulatory system and prevent future collapses.