January 22, 2009

Financial industry lobbyists are preparing to welcome the new Washington regulatory climate with open arms. In fact, some of the very same people who have spent years resisting financial regulation will now be proposing new regulatory ideas of their own — all in a bid to at least have a seat at the table when the new rules are written for their industry.

According to sources familiar with the first rough draft of the industry’s proposal, it will include a request for an umbrella or systemic oversight of the entire financial system led by the Federal Reserve or an expanded President’s Working Group on Financial Markets.