Report: Obama to Tighten Financial Rules Shortly

NY Times: Coming changes include stricter rules for hedge funds, federal standards for mortgage brokers, and more.

Still no specific timeframe for rule changes.

The legislation envisioned by Barney Frank would put the Fed, or less likely another government agency, in charge of protecting the stability of the entire system.

Plus: Is the President prepared to nationalize a huge swath of the nation's banking system?