With the election of Barack Obama to the presidency and with a Democratic majority in both houses of Congress, there not only will be shifts in policy but also a new legislative agenda in 2009 and beyond. Some of these new policies and laws will have far-reaching effects on the litigation landscape.

Proposals to change the financial industry have taken on new urgency in light of the present financial crisis. Obama indicates that he intends to usher in dramatic changes to the country’s system of financial regulation. Some suggest that the new administration plans to consolidate the various regulatory agencies governing financial firms. Aides to the president say that previously unregulated companies may be subject to new regulation. And Obama himself says he desires to “greatly strengthen our regulatory apparatus.” The selection of Mary Schapiro as Chairwoman of the Securities and Exchange Commission has observers speculating that Obama is planning to “create ‘a 21st century regulatory framework’ to protect against future financial crises.” Ms. Schapiro served as chairwoman of the Commodity Futures Trading Commission in the 1990s. Her experience suggests the possibility that Obama may consider consolidating the SEC and the CFTC into a new agency with broad regulatory power. This new agency would probably operate within a regulatory framework that is more consistent in its treatment of various types of companies and transactions.

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