President Barack Obama is meeting today with Federal Reserve Chairman Ben S. Bernanke and other financial regulators for an update on implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The closed-door meeting at the White House, listed at 2:15 p.m. on the president's schedule, also will include Treasury Secretary Jacob J. Lew, the Comptroller of the Currency, the director of the Consumer Financial Protection Bureau, the acting director of the Federal Housing Finance Agency, and the chairmen of the Commodity Futures Trading Commission, Federal Deposit Insurance Corp., National Credit Union Administration, and Securities and Exchange Commission.
The president is “going to convey to them the sense of urgency that he feels” about getting all the Dodd-Frank rules fully in place, deputy White House press secretary Josh Earnest said. “There's no doubt they have a tall order.”
The Dodd-Frank Act, signed into law by Obama in July 2010, expanded the central bank's power to oversee the largest financial institutions and gave regulators new tools aimed at preventing a repeat of the 2007-2009 financial crisis. It imposed new rules on derivatives, limits the ability of banks to trade on their own account and new rules for mortgages.