The Obama administration started its governance of the US in a tough situation, and in the first six months of its tenure it saw the economic indicators crashing to new lows and then slowly recovering from the bottom levels.
And with the near collapse of all the big banks and lending institutions and also AIG, the government wanted to have a thorough overhaul of the monitoring mechanism and also the regulatory powers.
And few weeks back, US FED made it clear to the government that it has to work on reducing the budget deficit and stop borrowing recklessly. Now the Obama administration is seemingly replying to that by curbing US FED powers and also adding more responsibilities to it.