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Wall Street Under Obama

Expect life on the Street to change a bit after Barack Obama takes residence on Pennsylvania Avenue. His newly appointed SEC chief Mary Schapiro intends to shakes things up a bit.

“Our regulatory system has not kept pace with the markets and the needs of investors,” Schapiro recently told Congress. And according to the New York Times she intends to usher in some sweeping reforms.

Her ambitious agenda includes
- tighter regulation of hedge funds and credit agencies
- increased oversight of insurance agencies
- possible accounting changes
- potentially restoring the uptick rule

CFTC Commissioner Bart Chilton tells Fast Money he’s hoping Shapiro and the new administration bring more transparency to the markets. “We need transparency, especially in the over the counter market. Two thirds of transactions happen in the dark. How can we regulate them when we can’t see them?!”

Schapiro is also expected to bring a laser-like focus on fraud and one of the first things she will likely do is "take the handcuffs off" the SEC's enforcement division. She intends to run an SEC that will “go after those who cut corners, cheat investors and break the law."

In case you’re wondering, Schapiro has spent more than two decades regulating financial markets with a resume that includes chairing the Commodity Futures Trading Commission and six years as an SEC commissioner.

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Trader disclosure: On Jan 19, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Karabell Owns (AAPL), (GOOG), (JPM), (TSO), (TC); Seymour Owns (AAPL), (BAC); Seygem Asset Management Owns (COP)

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