CHICAGO (AP) - President-elect Barack Obama says Washington has
been "asleep at the switch" when it comes to oversight of the
At a Chicago news conference announcing three of the people he
wants to oversee the financial system, Obama said Americans are
"feeling frustrated that there's not a lot of adult supervision."
Mary Schapiro is Obama's choice to head the Securities and
Exchange Commission. She says "consistent and robust enforcement"
of regulations is needed to protect investors.
He chose Gary Gensler to head the Commodity Futures Trading
Commission and Daniel Tarullo to fill an empty Federal Reserve
seat. All three will need to be confirmed by the Senate next year.
Obama said his new team will help put in place new rules that
will help "crack down on the culture of greed and scheming."