*(* FILE ** In this Nov. 26, 2008 file photo, President-elect Barack Obama listens to a reporter's question during a news conference in Chicago. (AP Photo/Charles Dharapak, File)
President-elect Barack Obama says the government has been "asleep at the switch" when it comes to overseeing the nation's financial system.
He says Americans are "feeling frustrated that there's not a lot of adult supervision."
Obama spoke in Chicago as he announced appointments to head the Securities and Exchange Commission and to other regulatory agencies.
Obama called for a "shift in ethics" on Wall Street.
He says everyone involved -- from CEOs to shareholders to investors -- needs to consider not only whether what they're doing will make them money, but also whether it's right, and whether it conforms to "higher standards."