The Obama Administration today formally announced its sweeping proposal for new regulation of the financial industry. The plan proposes the formation of a new watchdog agency that would seek to protect consumers’ interests. The proposal raises a number of privacy and data security questions, such as the role of the new financial services consumer protection agency in protecting privacy and data security and the continued role of the Federal Trade Commission as the lead agency in this area. The announcement is available here. We will keep you posted as more details regarding the plan emerge.