Here comes the heavy hand…
At 12:50 pm today, The Street will get the news from the horses mouth as President Obama unveils some details on his new plans to regulate he financial industry.
He’s already set the table, having released an 85 page document underlining the goals of this new spate of regulatory reform.
According to the New York Times, the administration has consulted a wide array of regulators and industry experts. This is a nice change of pace from the prior administration, which either didn’t believe in rules at all or would just come up with their own clandestine pronouncements with very little expertise in terms of how the industry actually worked or where it made it’s money.
From the New York Times:
But executives from an array of industries caught up in the financial crisis came to Washington over the last several weeks to make their case for how the new regulatory landscape should look. They came from big banks and small ones, insurance companies and stock exchanges, hedge funds and mutual funds, and were joined by officials from consumer groups and big labor — often with conflicting views.
I’ll reserve comment until I’ve had a chance to digest what this “reshaping” may actually look like.
Tough to do business when you don’t know what the rules will be on a day to day basis. No wonder no one’s hiring.