Obama to financial sector: More regulation is coming

By Kevin G. Hall and Margaret Talev | McClatchy Newspapers

WASHINGTON — President-elect Barack Obama signaled Thursday that he plans to put Wall Street on a tighter leash, saying that he'll soon unveil plans to intensify and perhaps restructure regulation of the financial sector.

"We have been asleep at the switch," Obama said at a news conference in Chicago, where he unveiled his selection of Mary Schapiro, a longtime regulator, to head the Securities and Exchange Commission, which oversees finance.