FACTBOX-Politicians on financial market plan

(Reuters) - Reaction from the U.S. presidential candidates and key lawmakers to the Bush administration proposals for broad reform of financial regulation.

SEN. HILLARY CLINTON, DEMOCRATIC PRESIDENTIAL CANDIDATE

"There is still a very serious gap between what the administration is proposing and the immediate crisis that we face," Clinton told Reuters.

"Although I appreciate and agree with some of the recommendations, the blueprint is simply too short on action."

SEN. BARACK OBAMA, DEMOCRATIC PRESIDENTIAL CANDIDATE

"George Bush finally figured out that we need to maybe have some oversight of the financial markets. So he's putting out a plan and it turns out that he is introducing some consolidation and streamlining of the regulatory system on Wall Street. But he's not making the regulations any tougher. He's not preventing the predatory lending that is responsible for a lot of these problems."

SEN. JOHN MCCAIN, REPUBLICAN PRESIDENTIAL CANDIDATE

"It is very clear that this long overdue regulatory reform is necessary to regain the trust of the American investor. Our current system was designed over 70 years ago and times and markets have changed dramatically."

"We now have too many agencies with no authority or overlapping authority. What is obvious from the recent situation is that we did not have enough oversight and homeowners have been hurt. As a result, we are in desperate need of more visibility and more transparency."