The proposal sets up a new regulatory structure to help the U.S. government mitigate potential marketwide risks and prevent another crisis. It would create a system to wind down troubled firms and establish a council of top regulators who would be in charge of patrolling for emerging risks and deciding if any large financial firms are so interconnected that they should be subject to heightened supervision. The SEC would get one vote on a new financial-stability council alongside other regulators like the Commodity Futures Trading Commission and banking-regulatory agencies. The plan would also expand the Federal Reserve’s power to oversee complex financial institutions and clearinghouses, including those overseen by the SEC. The Fed could also implement its own standards if the CFTC or SEC refuse to implement the Fed’s recommendations.