Obama Meets With Financial Regulators Over Dodd-Frank

President Barack Obama met with financial regulators at the White House on Monday afternoon on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The closed-door meeting included Richard Cordray, the newly-confirmed director of the Consumer Financial Protection Bureau, as well as the chairs of the board of governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation and the U.S. Securities and Exchange Commission. Obama will urge them to put rules and regulations in place outside of the influence of Wall Street firms and large financial institutions seeking to water down the Dodd-Frank law, White House Principal Deputy Press Secretary Josh Earnest said at a press conference. "He's going to convey to them 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 across the country," Earnest said. Earnest said he did not have more detailed information about what Obama said to the regulators, but that he was pleased with the progress made and would urge them to build on that momentum. Several key rules have not yet been implemented in the Dodd-Frank law, which was signed in 2010, and the meeting comes as the United States approaches the five-year anniversary of the financial crisis. That includes the Volcker Rule, which includes a ban on banks making short-term trades for their own profit.

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