Obama pushes regulators on Wall Street reform

Aug. 19, 2013 at 6:55 PM
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WASHINGTON, Aug. 19 (UPI) -- U.S. President Obama is pushing regulators to move faster on Wall Street reform, the White House said Monday.

Obama met Monday with independent financial regulators to discuss the ongoing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

It has been three years since Obama signed Dodd-Frank into law.

"The president commended the regulators for their work but stressed the need to expeditiously finish implementing the critical remaining portions of Wall Street reform to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again," the White House said in a statement.

"The president also discussed the housing market including the need for a more simplified and certain housing finance system that better serves middle class families."

White House spokesman Josh Earnest told reporters earlier in the day the president planned to convey "the sense of urgency that he feels about getting these regulations under Wall Street reform implemented promptly and, most importantly, implemented in a way that protects the long-term stability of our financial system and the financial interests of middle-class families all across the country."

While Obama is pleased with the progress made by regulators, more work needs to be done, Earnest said. "And as we approach the fifth anniversary of the financial meltdown, today seems as an appropriate day as any to start having that conversation."

Earnest said the recent confirmation of Richard Cordray as the head of the Consumer Financial Protection Bureau is an example of Obama's efforts to protect the middle class.

"For the first time, consumers in America will have a watchdog in Washington, D.C., that will be looking out for their interests," he said.

"There's no question that large financial institutions, including investment firms and banks on Wall Street, wield significant influence over the political process in Washington, D.C. That's the benefit of having independent regulators who can make their own determinations about the rules and regulations that should be put in place to protect the financial system, but also to protect the interests of middle-class families."

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