Senator Dodd (D-CT), chairman of the Senate Banking Committee, released his proposal to overhaul the nation's financial regulations. 

Read Dodd Releases Huge Financial Reform Package, by Jann Swanson for more details on its regulatory provisions.

Three provisions that are particularly dear to me are:

1) Establishment of a Consumer Financial Protection Bureau, and

2) Establishment of an Office of Financial Literacy to educate the public about financial matters

3) Offering a complaint hot line for reporting problems with financial products.