Washington Barack Obama isn't president yet, but his must-do list just got longer.
The newest addition to the lengthy list of tasks after taking office: helping oversee the overhaul of the world's financial regulatory system. That is one of the assignments to the president-elect from current global leaders after their weekend summit, where they pledged action to avoid a repeat of the financial mess that has caused worldwide economic chaos.
"Obama has a tall order," said Morris Goldstein, a senior fellow at the Peterson Institute for International Economics who spent years working at the International Monetary Fund, the world's financial firefighter.
"He has a lot of things he has to do quickly in a number of areas and doesn't have a lot of time to think about them," Goldstein said in an interview Sunday.
That will put a lot of pressure on Obama. He did not participate in the emergency two-day summit that concluded Saturday, instead sending representatives to meet with leaders on the sidelines.
After taking the oath of office Jan. 20, Obama will have to figure out in short order how far his administration is willing to go in revamping oversight of financial companies and products, in the United States and abroad, and nailing down the crucial details.
"Obama has an incredible mountain to climb in the way of the economic and financial situation," said Richard Yamarone, economist at Argus Research.
President George W. Bush hosted the summit, where nearly two dozen foreign leaders endorsed broad goals to fend off any future calamities and to revive the global economy.
It will be up to finance ministers to flesh out the details to put such changes in place by the end of March. Leaders plan to hold the next summit by April 30 - just months into Obama's term.
"I think this puts Obama and a new administration in a very difficult position," said Steven Schrage, a former Bush administration trade official now at the Center for Strategic and International Studies.
"It's really going to be up to the next administration to figure, do they breathe life into this? Does this go forward? Do they take it in a different direction?"
All the while, the new president will be under immense pressure to bring relief to millions of Americans who have watched jobs disappear, nest eggs shrink, home values plunge, foreclosures zoom upward and banks - along with storied Wall Street firms - laid low by the financial and economic crises.
"Make no mistake: This is the greatest economic challenge of our times," Obama said Saturday in the weekly Democratic radio address. "And while the road ahead will be long and the work will be hard, I know that we can steer ourselves out of this crisis."
The president-elect himself did not weigh in after the summit about whether he agreed with the thrust of the leaders' broad goals. But he indicated the global gathering was a good idea because "our global economic crisis requires a coordinated global response," he said Saturday.
Translating the leaders' sweeping principles into specific actions will be difficult. "That's the rub. That's where you really see the differences across countries in what you want to do," Goldstein said. "In the coming months, we'll see to what extent Obama's agenda will conflict with the Europeans."
Leaders pledged to make the global financial system more accountable to investors and less vulnerable to risky investing.