Some banks, state officials and consumer groups charge the plan laid out by U.S. Treasury Secretary Henry Paulson does little to ease the country's credit crisis and that some of the proposed changes would eventually hurt consumers.
Paulson's plan would give the U.S. central bank known as the Federal Reserve a larger role in stabilizing the economy and more oversight over banks and other financial institutions.
However, some critics worry that in an effort to do away with a patchwork of regulatory agencies, the plan would also eliminate provisions designed to protect consumers.
The proposed rules must be approved by Congress. Already some lawmakers have denounced the plan, and supporters say quick action on any of the provisions is unlikely.
Paulson has said the plan is designed to be a long-term solution, not a quick fix for the current credit and housing crisis.
Some information for this report was provided by Reuters.