Obama to meet with financial regulators on Wall Street reform law

WASHINGTON Mon Aug 19, 2013 7:20am IST

Related Topics

WASHINGTON Aug 18 (Reuters) - President Barack Obama will sit down with the leading U.S. financial market regulators on Monday to discuss their progress in implementing the 2010 Wall Street reform law, the White House said on Sunday.

The Dodd-Frank law was passed by the then-Democratic-controlled Congress with Obama's support as a response to the 2007-2009 financial crisis. It aims to prevent large, complex financial firms from imperiling markets should they collapse.

It imposed new rules for over-the-counter derivatives, required banks to hold more capital, established a new federal agency charged with protecting consumers from predatory lending and laid out a series of reforms targeting numerous other financial firms, such as hedge funds and private equity funds.

The White House said it expects the heads of the Securities and Exchange Commission, Commodity Futures Trading Commission, Consumer Financial Protection Bureau, U.S. Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp, Federal Housing Finance Agency and the National Credit Union Administration to attend the meeting Monday afternoon.

Treasury Secretary Jack Lew will also participate, the Treasury Department said on Sunday.

Although the Dodd-Frank legislation was signed into law by Obama more than three years ago, many of the rules have yet to be completed.

The CFTC has made arguably the most progress of any regulator, finalizing the majority of the rules for the over-the-counter derivatives marketplace. Most of the other regulators still have a relatively long way to go.

As of July 15, the law firm Davis Polk found that a total of 279 Dodd-Frank rulemaking requirement deadlines had passed. Of those, only 38.4 percent were met with finalized rules, while a total of 61.6 percent were missed.

Among the major outstanding regulations that must be completed include rules targeting asset-backed securities markets, credit-rating agencies and the Volcker rule, a measure named after former Federal Reserve Chairman Paul Volcker that restricts banks from engaging in proprietary trading.

FILED UNDER:
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (1)
Jim_Wells wrote:
Over 3 years after passage of the Dodd-Frank Act and amidst continuing scandals at the biggest US banks, it’s long past time that the President holds the heads of the federal financial regulatory agencies accountable for their lack of demonstrable progress in implementing the regulatory reforms mandated to curb the nefarious activities of the casino-like financial institutions that had to be bailed out by the US government.

Aug 19, 2013 5:38pm IST  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Adani Project

Adani Project

Australia approves Adani's $16 bln Carmichael coal project  Full Article 

India-U.S. Talks

India-U.S. Talks

Kerry to woo Modi's India, but quick progress unlikely  Full Article 

Paring Debt

Paring Debt

Jaiprakash to sell hydro plants to Reliance Power  Full Article 

Nifty Falls

Nifty Falls

The broader index hits lowest in nearly a week on profit taking  Full Article 

Mideast Conflict

Mideast Conflict

U.N. Security Council calls for humanitarian ceasefire in Gaza  Full Article 

Market Eye

Market Eye

Foreign investors prefer Indian cyclicals, utilities - Macquarie  Full Article 

Debt Investment

Debt Investment

India's FII debt limit hike credit-positive, says Moody's  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage