Bursting through the walls of Independence Hall with an optical laser blast, Super Obama now seeks to decimate the financial system that fueled the U.S.’s rise from tea hating quasi European nation to free wheeling capitalistic crusher. Banks and insurers tremble, Congress struggles to catch its breath, and even Obama supporters begin to wonder if the President will ever slow down.

Credit to comic book legend Alex Ross for the image.

Last week, Obama proposed sweeping changes to the financial sector in an 85 page draft. The draft provides a specific outline for the changes needed to avoid another economic crisis like the financial collapse that spun out of control last October. The goal of the plan is to restructure how banks and other firms are regulated by tightening government supervision of the financial sector.

Obama’s plan includes a proposal to eliminate the Office of Thrift Supervision (OTS), which supervises federal savings associations and holding companies. The OTS has been under constant criticism of late as the overseer of the controversial American International Group (AIG) and failed lenders IndyMac and Washington Mutual. Critics believe the OTS failed as a watchdog agency when it allowed these lenders to make the risky investments that contributed to the financial meltdown.

The new plan will propose to merge the OTS with the Office of the Comptroller of the Currency (OCC), which has a much simpler purpose than its name implies. The OCC was established almost 150 years ago in 1863, and exists to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks located within the United States. The OCC is tasked with supervising about two thirds of the total assets of all commercial U.S. banks. While few accuse the OCC of “falling asleep at the wheel”, as the OTS did, there are those who blame OCC regulations in part for the financial crisis.

While proposing an overhaul of the current financial regulation agencies, Obama’s plan will also seek to create a new watchdog agency with the sole purpose of protecting consumers. This new agency will be created to protect consumers from risky mortgages, deceptive credit cards, and other misleading financial products. In essence, this agency is tasked with preventing the circumstances that lead to the current financial crisis from occurring in the future. It’s hard to argue that this one is a step in the right direction.

Obama’s plan will propose several additional changes to overhaul the financial system, and overall increase government involvement in the financial sector. However, critics of the Obama administration continue to believe the President is moving too fast not just on implementing changes to the financial system, but on all fronts.

The President has taken the time to address such concerns in the past, and has often done so with enough tact to stymie the opposition. Obama, during his first hundred days as President, responded to criticism that he was moving too fast, stating:

To those who believe we’re moving too fast, the American people can’t be asked to choose between healthcare for their families, an affordable mortgage, and saving for retirement. Americans are entitled to all these essentials, and thus we must work towards meeting all their needs.

Obama is right, and while he has been nothing short of a whirlwind on Capitol Hill, he has gained the continued support of most Americans because he has moved forward on his campaign promises with incredible speed. While most if not all his promises are still just that, promises, the pace that Obama has set is impressive. It remains to be seen whether Obama can deliver on his promises, but with solid planning and support in Congress, it seems unreasonable to think he won’t deliver on some, if not all. But there is no doubt that tackling the financial system will be one of Obama’s most difficult tasks.

On the one hand, most of the population supports reform of the financial system to avoid another crisis like the current recession. However, the definition and terms of that reform are varied amongst even those hailing from the same political parties. Treasury Secretary Timothy Geithner, speaking on the imminent overhaul of the financial system, expressed the need to eliminate the gaps in the financial system that encourage risky behavior. Geithner stated:

We had a financial system that was fundamentally too unstable and fragile, and it did a bad job of basic protection of consumers and investors. Those are the things we have to change.

While a bit of regulation is a welcome change, the financial overhaul that the Obama administration is set to unveil could seek to involve government in business to a greater extent than most believe is needed. The Obama administration is walking a thin line between regulation and interference, and while a majority of Americans still support the President, many don’t want the government to further interfere in business.

It will be important for the President to reassure consumers that the government will be supervising the financial sector for their protection, rather than to push financial companies around. No matter what kind of resolution ends up passing in Congress, it will fall to Super Obama to ensure the public that he still stands for truth, justice, and all that stuff.

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