Hank Paulson, as Treasury secretary, wanted to streamline regulation. His blueprint for reform, published in March last year, sounds rather similar to the overhaul due to be proposed by his successor.

When the Obama administration provides its own blueprint on Wednesday, there will be subtle differences in the architecture, according to people familiar with the plans. They claim the substance will be meatier even if more of the hodge-podge of agencies is left in place.