WASHINGTON (AP) -- The Obama administration has unveiled a sweeping regulatory overhaul that it hopes will restore confidence in the U.S. financial system and prevent a repeat of the worst crisis to hit Wall Street in seven decades.

The plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis.

The 88-page white paper put forward by the administration Wednesday will spark intense debate in Congress, with opponents already charging that it imposes too many restrictions that will harm the ability of financial companies to compete in the global economy.

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