Good plan, bad plan - Reaction to Paulson

Treasury chief proposes a massive overhaul of the country's financial oversight. Here's what experts and politicians are saying about the plan.

"Government has a responsibility to make sure our financial system is regulated effectively," he said. "And in this area, we can do a better job."

The plan would greatly expand the powers of the Federal Reserve and would eliminate or combine longstanding agencies like the SEC. At the same time, Paulson warned that heightened regulation could hinder American financial markets in the global marketplace.

The plan sparked praise and criticism from a wide range of politicians and financial experts. What follow are reactions from some prominent proponents and opponents.