More oversight for Wall Street, but is it enough?

The Federal Reserve will have more power to oversee the financial industry, under one of the proposals outlined by Treasury secretary Henry Paulson Monday. The idea is to give the industry and consumers more information about the complicated ways Wall Street handles risk. And in the process, the federal government is updating a system that hasn't seen change since the Civil War.

Christopher Phelan: Advisor to the Federal Reserve Bank of Minneapolis and professor of economics at the University of Minnesota

Dean Baker: Co-director of the Center for Economic and Policy Research.