Financial Industry, Regulating Financial Institutions | featured news

President Barack Obama on Tuesday embraced a House bill that would give the government unprecedented power to seize bank holding companies and other large financial firms teetering on the brink of collapse and stick their competitors with the cost....

The financial sector ranks just behind the health industry in lobbying Congress this year: $223 million has been spent to influence financial reform efforts, according to the Center for Responsive Politics.

But Politico reports that the lobbying frenzy over "re-regulation" efforts is just beginning.

The Fed should be in charge of regulating financial institutions, but a council of regulators could monitor broader risks, the Fed chairman said.