The systemic risk regulator advocated by Tim Geithner, Treasury secretary, as a “single entity” to try to prevent financial crises is set to end up as a multi-agency fudge with the real power residing at the Federal Reserve.

Mr Geithner is to provide more details on his plans for the regulator along with the new package of regulatory reforms next Wednesday, but moves to make the Fed responsible for the broad supervision of the financial system have met opposition from other regulators.