WASHINGTON (Indiana's NewsCenter) - There's a new financial sheriff in Washington.

President Barack Obama is proposing sweeping financial rules designed to rope-in what he calls the "wild west" mentality on Wall Street.

The President's plan includes giving new powers to the Federal Reserve to oversee the entire financial system and to create a new consumer protection agency to guard against abuses.

President Obama says, “Consumers will be provided information that is simple, transparent, and accurate. You'll be able to compare products and see what's best for you. The most unfair practices will be banned. Those ridiculous contracts - pages of fine print that no one can figure out - those things will be a thing of the past.”

Indiana Senator Evan Bayh backs the President's plan and says it's about time "big banks" are regulated.

Bayh says, “A lot of these big banks got way over their head, threaten to take the whole economy with them, including millions of working men and women, small business owners, and we can't allow that to happen. So if these banks want to lose their own money, it's up to them.”

President Obama is hoping the new regulations will be in place by the end of the year.

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