"Taken collectively, the regulatory activity now underway is so overwhelming and beyond anything we have ever seen, that we risk moving this country away from a government of the people to a government of regulators," Donohue said.

Charles Schwab added that he's of the opinion that the best thing the government should do right now is create an environment for small businesses to grow and gain the confidence to spend and hire new employees.

Obama, for his part, in a presumably non-coincidental event, met today with the "Oracle of Omaha," Berkshire Hathaway's ( BRK.B) president Warren Buffett. According to White House spokesman Robert Gibbs, the two discussed "the efforts that we're taking to get the economy moving again."

"You don't turn down the opportunity to talk to Warren Buffett," Gibbs said.

-- Reported by Theresa McCabe in Boston.

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