TODAY'S PAPERS: Fed May Become Great Overseer

The Washington Post leads with word that Congress is likely to give the Federal Reserve broad new powers so that it can regulate the nation's entire financial system. The move would allow the Fed to demand information from a wide range of companies to make sure no one is taking on excessive risk that could imperil the financial system. The New York Times leads, and the Los Angeles Times off-leads, news that President Obama will direct the Environmental Protection Agency to reconsider granting permission to California and 13 other states to set auto emissions and fuel efficiency standards that are stricter than current federal limits. The move would represent a sharp break from the Bush administration, which had rejected the request by states to issue separate emissions standards.USA Today leads with new Pentagon figures that reveal the number of roadside bomb attacks in Afghanistan hit a record last year. The number of improvised explosive devices that exploded or were discovered increased by 45 percent, while the number of coalition troops that were killed by bombs more than doubled to 161. The Wall Street Journal leads its world-wide newsbox with a look at how business groups are stepping up efforts to get more tax credits into the stimulus plan as a number of Republican leaders say they will not support the legislation as is currently written. Obama will be heading to Capitol Hill this week to try to convince reluctant Republicans to support the measure. The LAT leads locally with a look at how there seems to be broad agreement among California lawmakers to cut $6 billion in spending to help deal with the state's massive budget shortfall.To continue reading, click here.