Financial industry shifts its focus to creation of regulations

Congressional negotiators recently finalized legislation that would instruct federal agencies to address a wide range of issues. Before the final version of the bill was completed, the financial industry and consumer activists had started preparing to influence the development of specific rules. For example, regulators would decide how much money financial institutions would be required to set aside to cover unexpected losses. Industry groups have argued that squeezing banks too hard would hinder the broader economy.

more at http://www.nytimes.com/2010/06/27/business/27regulate.html