The power convergence between financial corporations and government and the regulatory reforms supervising this close relationship have been matter of discussion. The contribution of this paper is the focus on those elements that allow for better control of this relationship. Regulatory reform can only be successful if it influences the elite sources of power and responsibility within the financial system. The challenge is therefore to not only make rules that will bring about more systemic stability and render safer the global financial system, but also to make rules that will solicit the cooperation of these special interests in power.