Guide Note:On March 31, 2007 Treasury Secretary Henry Paulson released a 200-page plan that will overhaul financial regulation in the United States. It is the biggest revamping of its kind since the Great Depression. The new plan will allow the Federal Reserve to keep a close watch on bankers and borrowers. This is in an effort to prevent the major pitfalls the economy has seen in recent months. This new policy also allows federal regulators to view the financial records of all financial institutions, not just traditional banks. Paulson stated, "Government has a responsibility to make sure our financial system is regulated effectively. And in this area, we can do a better job." Furthermore, a group at the Fed will organize business conduct and consumer protection