It's no secret that the banking industry is a really good target right now. Populist angst, across the spectrum, is focused on it for obvious reasons. We're about to enter a new phase in the battle to re-regulate the industry, one that will be tricky for the industry to navigate. If the health care debacle proved anything, however, it is that things can turn quickly. Epochal health care reform seemed fait accompli just a month ago. Now, it's up in the air.

Still, the industry will want to strike a cautious tone, keeping up their contrite public face while fighting against proposals that might be overly onerous. As it looks now, a return to the Glass-Steagall, which seemed to be far-fetched idea not so long ago, is back on the agenda in a big way. But there will also be a slew of proposals to limit risk-taking, some of which may force sales of certain business lines. This going to get heated. 

For more:
- here's some background from the Financial Times

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