Big US companies ranging from Wall Street banks to insurers, investment groups and General Electric on Wednesday faced fundamental changes in the business environment as President Barack Obama proposed what could be the biggest regulatory revamp since the 1930s.

The plan, which still must win congressional approval, would give the Federal Reserve new powers to oversee companies whose failure could endanger the banking system – a category that includes not only traditional lenders, but any company with significant financial operations, such as GE.