Obama to unveil financial regulation reforms Wed.

President Barack Obama on Wednesday will announce reforms to the way the U.S. financial industry is regulated to prevent a repeat of the turmoil on Wall Street that helped spark an economic meltdown, a White House official said on Monday.

"The president will deliver remarks on the economy and discuss his comprehensive plan for new rules of the road for the financial industry," said the White House official, speaking on condition of anonymity.

The plan will offer a stronger framework for consumer and investor protection, Treasury Secretary Timothy Geithner and National Economic Council Chairman Lawrence Summers said in a newspaper commentary on Monday.

Proposals included raising capital and liquidity requirements for institutions and giving the Federal Reserve a bigger mandate to supervise the financial system, they said.