Just more than a month after President Obama unveiled it, an ambitious plan to reform the regulation of the financial system is being eviscerated.

Key elements including handing the Federal Reserve Board power to monitor systemic risks and eliminating thrift and other specialty charters, appear dead. Legislating the authority to unwind troubled nonbanks — once a top priority — has fallen by the wayside. And House Financial Services Committee Chairman Barney Frank acknowledged Wednesday that bankers had made significant progress in lobbying against a centerpiece of the effort, a new consumer protection agency.

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