Pagliuca seeks clearer oversight of companies

His plan calls for a new federal regulatory czar, who would be charged with monitoring the financial system for risky behavior by investors and financial firms. The myriad agencies that currently regulate the financial system would be consolidated and overseen by the czar.

Pagliuca’s approach would also regulate financial institutions not by how they categorize themselves but by how they are operating. It would mean that a corporation such as AIG, even though it is an insurance company, could be regulated like a bank because it operates like one. And he would require financial firms to maintain higher levels of capital.

In releasing his plan, Pagliuca, the only candidate in the race from the business world, sought for the first time to differentiate himself from his opposition, namely the front-runner in the Democratic primary, Attorney General Martha Coakley. Her plan emphasizes states’ roles in regulating financial institutions.

“I’m concerned that her plan rests too much authority with the states; this is a national and even international problem,’’ Pagliuca, a co-owner of the Boston Celtics and a managing director at Bain Capital, said in an interview. “A state approach would blow up in our face.’’

He added, “It puts us at high risk for repeat of a situation like AIG,’’ which the federal government bailed out after the company’s complicated, risky bets threatened it with collapse.

Several hours after Pagliuca released his plan, Coakley criticized it in some of the strongest language her campaign has used.

“Steve Pagliuca wants to strip away the power of states to protect consumers,’’ said Coakley campaign spokeswoman Alex Zaroulis. “We must preserve, protect, and strengthen the role of states to go after the institutions that brought our financial markets to the brink of collapse.’’

Coakley’s campaign later pointed out that Bain Capital, where Pagliuca has spent most of his career, paid $410,000 to two firms this year to lobby Congress on financial services legislation. A Bain spokesman declined to comment.

The other two candidates in the race, US Representative Michael E. Capuano and City Year cofounder Alan Khazei, touted their own plans or experience in financial regulation.

Capuano, a member of the House Committee on Financial Services, has filed legislation that would require hedge fund managers to register with the Securities and Exchange Commission, to provide more information to investors. He has also been supporting a plan to ensure that credit rating agencies reflect the credit risk of financial products to help investors make more informed decisions.

“Laws create change, not plans,’’ said Alison Mills, a Capuano campaign spokeswoman. “Through his efforts on the Financial Services Committee, Mike Capuano and Barney Frank are already involved in a complete overhaul of the financial system, including provisions for greater consumer protection, transparency for hedge funds, and accountability for credit rating agencies.’’

Khazei has articulated a general position that the regulatory structure should be strengthened, and late yesterday he released a brief outline of a plan that includes several of the broad points of his opponents, including a requirement that institutions keep higher levels of capital in reserve.

All four Democrats square off in the first televised debate of the campaign at 7 p.m. Monday night at the John F. Kennedy Library and Museum.

Coakley and Pagliuca each support elements of President Obama’s plan. Obama has pushed a major overhaul of financial industry regulations, including creation of a consumer financial watchdog agency that would oversee products such as credit cards and mortgage loans. He also proposed new regulations on complex derivatives, which helped precipitate the meltdown on Wall Street last year.

Coakley, who for nearly three years has been the state’s top law enforcement official, argues in her financial plan that any changes should not infringe on state authority.

“Any regulatory reforms undertaken at the federal level must take into account the role states play in this process and allow states to enforce laws and regulations free from federal preemption,’’ she said in a 10-page position paper she released last week. “I strongly believe that state regulators and attorneys general must have the ability to combat unfair and deceptive acts by national banks.’’

Pagliuca argues that such an approach would allow corporations to skirt federal regulations by basing their headquarters in states with business-friendly laws. He wants the federal government to set baseline regulations and let states adopt stronger regulations if they choose.

Further trying to highlight Pagliuca’s economic strengths, his campaign noted that Pagliuca began laying the groundwork for his plan while at the World Economic Forum, held in Davos in January. Pagliuca was one of six panel members for a discussion on “The New Boundaries of Financial Governance.’’

Coakley cites the financial enforcement role she has played as attorney general, including lawsuits she has filed against subprime mortgage lenders and relief she has won for Massachusetts homeowners whose properties were foreclosed. She was also one of four attorneys general who met at the White House recently with President Obama to discuss new financial regulations.

“But she understands that we cannot rely on the federal government alone,’’ Zaroulis said.

Matt Viser can be reached at maviser@globe.com.