This afternoon, ending weeks of speculation regarding the shape of proposed regulatory reform for the financial services industry, President Obama outlined a five part framework for a "New Foundation" for regulation of the capital markets. The Financial Regulatory Reform outline, released today, is the first step in what is expected to be a lengthy and contentious legislative process -- one that will likely commence in earnest this coming fall and could potentially stretch into next year. While the precise contours of any regulatory reform effort will be months in the making, it is clear at this point that the fundamental trend is toward greater authority over systemically critical entities, without regard to their status as banks. It is also likely that insurance oversight, and potentially a federal charter, will be on the table in discussions of reforming the regulatory system.

In the coming days, Sonnenschein will be highlighting key substantive areas of the proposed regulatory reform initiative, including those portions that will most directly impact the banking, insurance, private equity, and consumer markets. In the interim, the following links will direct you to the Administration's White Paper and initial fact sheets on the proposed plan.