Looking Ahead: Wednesday Obama to announce new financial rules & regulations

A senior administration official tells Fox News President Obama will outline long-anticipated rules and regulations from the financial industry and large, systemically important corporations this Wednesday.Treasury Secretary Tim Geithner has been drafting the rules with Obama's Council of Economic Advisers and the National Economic Council.

The regulations will be designed to prevent a repeat of the near-collapse of American International Group (AIG), a company whose global reach made its potential collapse too dangerous for the Bush administration to allow and contributed to the push to bailout other large corporations under the Troubled Asset Relief Program.