Obama to have "adult supervision" of Wall Street

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Washington, Dec 19 (ANI): President-elect Barack Obama has said he will force "a shift in ethics" on Wall Street, and argued for new, aggressive controls on markets as he named his financial regulatory team.

"We have been asleep at the switch -- not just some regulatory agencies but some of the congressional committees," Obama said at a press conference in Chicago, blaming "a White House that started with the premise that deregulation was always good."

Obama promised to release a detailed regulatory plan as "one of my earliest initiatives," and said it will force the kind of "adult supervision" of markets Americans are yearning for now, in the wake of Bernard L. Madoff's 50 billion dollars Wall Street financial fraud. But he said new rules aren't enough.

"Everybody from CEOs to shareholders to investors are going to have to be asking themselves, Not only is this profitable, not only whether this will boost my bonus, but is it right? Does it conform to some higher standards in terms of how we operate?" Obama said.

Rounding out his economic team, Obama has decided to nominate former Dallas Mayor Ron Kirk to be US trade representative, and Rep. Hilda L. Solis to be Labor Secretary, a senior Democratic official confirmed, The Washington Times reported.

They will join the new financial regulatory regime Obama announced on Thursday: Mary Schapiro to be the next chairwoman of the Securities and Exchange Commission, Gary Gensler to be chairman of the Commodities Futures Trading Commission and Dan Tarullo as a new member of the Federal Reserve's Board of Governors.

Obama has also chosen retired Navy Adm. Dennis Blair to be director of national intelligence.

He said on Thursday that the deficit could top 1 trillion dollars, or more than double fiscal year 2008's record figure.

And he asked voters to be patient with him, saying he will make mistakes, but plans to be up-front about it. (ANI)

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