Barack Obama Wins, Presidential Agenda Begins Now

President-elect Barack Obama has crossed many historical marks: winning the longest election, raising and spending the most money, and becoming the first African-American President in US history. However, this will not likely end his setting new historical markers. He will take office without the luxury of peace or prosperity. Perhaps even more challenging, he will take office with a laundry list full of "hope"-filled promises.

Many are equating this to Franklin D Roosevelt's entry into the White House. A parallel that is not outrageous with an unprecedented financial crisis and two foreign wars he will assume leadership over. Challenges he acknowledged in a late night acceptance speech saying, "even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime--two wars, a planet in peril, the worst financial crisis in a century."

Obama's effort in the financial crisis are likely to begin far before Jan 20's inauguration. His economic team has reportedly already been at work determining how to cooperate in transition with the Paulson-led US Treasury.

First on his list is likely to push a broader moratorium on home foreclosures and backing the congressional proposal to encourage lenders to modify or refinance troubled loans, much like the loan modifications underway atIndyMac Federal Bank, and announced by Bank of America (Countrywide) and JP Morgan Chase.

Outside of those initiatives, Obama will also have enormous flexibility in allocating the balance of the $700 billion bailout passed by Congress in October. Treasury SecretaryPaulson has only committed $250 billion to inject capital and claim stakes in thousands of US banks. $100 billion remains completing uncommitted and the legislation allows for the President to request the remaining $350 billion at will.

These additional funds could be deployed in a variety of was from support to trouble homeowners to stabilizing the broader economy with rescue aid to the insurance and auto industries.

One thing is for certain, Obama has been clear he wants more eyes on Wall Street and our financial institutions. So, look for proposals of centralizing regulatory agencies, more controls on mortgage securities, credit rating agencies, and financial institutions' investor reporting.

A full plate. Look for a President-elect agenda that begins today.