It didn't take long for critics to start throwing eggs at Treasury Secretary Henry Paulson's plan for overhauling the structure of the government's financial regulatory agencies.

Paulson released the blueprint on Monday (see Treasury Plans Financial Regulatory Overhaul) and it was quickly pronounced dead on arrival. That's not surprising considering that the plan, a sweeping reorganization of agencies like the Federal Reserve, the Securities and Exchange Commission, the Federal Deposit Insurance Corp., and the Commodity Futures Trading Commission, not to mention the elimination of the Office of Thrift Supervision, is being proposed by an administration that has less than a year to go in office.

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