In The Wall Street Journal piece, Mr. Obama is, yes, kowtowing, to the big Wall Street bankers. Mr Obama asks for the business community's advice on how to "trim" regulations. One can translate that in to, "Tell me what you want for me to do?'
I agree with the gist of Mr. Obama argument that the nation needs not a single regulation that it doesn't need. I'm sure that there are some regulations which are excessive and are more a hindrance than a help. But who is trying to fool whom?