Schumer Tells Wall Street More Regulation Is On the Way

Elizabeth Williamson reports from New York on lobbying and the financial crisis. Sen. Charles Schumer told the investment and banking community today to expect stepped-up regulation, potentially a financial super-regulator, from President-elect Barack Obama ’s administration and the Democratic-led Congress. Speaking at a conference in New York held by a financial sector trade and lobby group, Schumer said he expected to see the Treasury Department run by officials that have “an understanding of business and (are) pro-regulation.” The New York senator said he expected Obama to appoint “someone in the mold of” Clinton Treasury Secretary Lawrence Summers or New York Fed President Timothy Geithner , if not one of those two men. (Click here for a Wall Street Journal story on the two men.) Schumer, a New York Democrat, is expected to play a big role in overhauling financial sector regulation as a member of the Senate Banking Committee. He decried the ... (link)