Treasury secretary proposes U.S. financial overhaul

Hello on this Monday, the 31 day of March 2008. I'm Kristin Volk with a UPI Headline Update. Big changes are in store for the U.S. financial system. Treasury Secretary Henry Paulson announced a list of goals earlier today that include a broad expansion of the Federal Reserve's powers. Under Paulson's plan, the Fed would essentially serve as a financial markets moderator. If enacted, the changes would reportedly be largely invisible to consumers but would drastically alter how the financial services industry is regulated. The Secretary of Housing and Urban Development is stepping down amid several ethics investigation. Alphonso Jackson said earlier today that he'll resign April 18 to attend to persona and family matters. The resignation comes after criticism from members of Congress that Jackson has refused to respond adequately to allegations of impropriety. Former president Bill Clinton has a message to Democrats: Chill out. Clinton said yesterday that allowing the Democratic presidential race to continue several more weeks won't hurt the party's chances in November. The former president's comments came after some supporters of Senator Barack Obama suggested that his rival, Senator Hillary Clinton, quit the race. They say she's damaging the party by staying in since she's unlikely to overtake the Illinois senator based on future contests. President Bush took some time away from the Oval Office to throw the ceremonial first pitch last night at the Washington Nationals baseball game. He kicked off the season opener at the team's new multi-million dollar stadium. The Nationals defeated the Atlanta Braves 3 to 2. That's it for now. Thanks for watching, and check out our latest special segment called "Healing and Hearing Animals" on upi.com today.

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YouTube | March 31, 2008

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