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The Administration recently released a proposal for strengthening the financial system that would provide new or enhanced responsibilities to a number of federal agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission with respect to over-the-counter derivatives, the SEC with respect to hedge funds and their advisers, and several agencies, including the Treasury, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the SEC with respect to the resolution of systemically important failing nonbank financial institutions.