Obama urges quicker implementation of finance reforms

by Ryan Smith20 Aug 2013

President Barack Obama met yesterday with financial regulators, including Fed Chairman Ben Bernanke, to discuss the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to a Bloomberg report.

The meeting was also scheduled to include Treasury Secretary Jacob J. Lew, the director of the Consumer Financial Protection Bureau, the acting director of the Federal Housing Finance Authority, the Comptroller of the Currency, and the chairmen of the Commodity Futures Trading Commission, the National Credit Union Administration, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission.

The White House said that Obama comended the progress made by regulators in implementing Dodd-Frank, but stressed the urgency of putting in place "critical portions" of the reform.

"Protecting consumers is and has been a priority for the President since day one," the White House said in a statement.

The President also discussed with regulators his push to wind back Fannie Mae and Freddie Mac in favor of a new government reinsurer, which the White House said would provide a "more simplified and certain housing finance system".

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