For President Barack Obama, the 2008 campaign was the easy part. Angered by a global financial crisis, voters demanded that the federal government do something to rein in Wall Street -- and he promised he would. The United States, Obama said, needs "a 21st-century regulatory framework to deal with these problems."
Now, five months into his administration, Obama is seeking to put that new regulatory framework in place. In the process, he is learning that using the federal government as a tool to change the way the American financial sector does business is easier said than done.
On June 17, critics emerged as soon as the President unveiled his complex, sweeping financial regulatory proposals -- which would give the Federal Reserve Board more power to regulate large, integrated Wall Street firms while also creating a new agency to crack down on abuses by mortgage and credit card lenders.
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