more Obama picks and promises of regulation

Obama picks 3 financial regulators

CHICAGO – President-elect Barack Obama on Thursday named three veteran regulators to round out his economic team and vowed to revamp regulatory rules to prevent a repeat of the financial and economic debacles the country is suffering through.
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At a Chicago news conference, Obama named Mary Schapiro to chair the Securities and Exchange Commission, 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.

As he made the announcements, Obama pointed to Wall Street money manager Bernard Madoff, under investigation in an alleged $50 billion fraud, and said the scandal underscored the need for tougher regulators. The scandal "has reminded us yet again of how badly reform is needed," he said.

The president-elect said his new team will help put in place new rules that will help "crack down on the culture of greed and scheming."

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