Obama's Financial Regulation Proposal

There has been much talk about the Obama administration's plan for reforming financial regulation. For those who seek the original text, you can get it here. Inter alia, it is proposed to create a Financial Services Oversight Council that shall collect information on market risks and transfer it to the regulators (why can't the regulators do that themselves?). A new Consumer Financial Protection Agency shall protect investors from financial abuse (what is the SEC doing?). Hedge funds and other private pools of capital shall be required to register.