Seeking to prevent the recurrence of problems at large financial firms that caused the current economic problems, Treasury Secretary Timothy Geithner unveiled today a series of proposals to regulate derivatives and hedge funds and allow the government to takeover troubled financial companies.

During an appearance before the House Banking Committee asked for the creation of a systemic risk regulator that would police the largest financial firms. Geithner did not announce which agency the Obama administration favors to perform that function. The Federal Reserve Board and the FDIC are the agencies that lawmakers have spoken about most often to be the new systemic risk regulator.

Geithner said the administration will spell out additional details of his proposal in the weeks ahead. He did not mention credit unions-or anything about whether the administration plans to change the NCUA's status as independent agency-in his prepared testimony.