Obama Presses for Action on Bank Rules
By MICHAEL D. SHEAR and PETER EAVIS, NYT
WASHINGTON — President Obama urged the nation’s top financial regulators on Monday to move faster on new rules for Wall Street, telling them in a private White House meeting that they must work to prevent a repeat of the 2008 financial crisis.
Aides said Mr. Obama also told the regulators that the United States needed a more simplified and certain system of financing housing. The president recently endorsed proposals to reduce the government’s role in providing mortgages.
Administration officials and some lawmakers have expressed frustration that critical parts of Mr. Obama’s overhaul of the financial system, which was voted into law three years ago and is known as the Dodd-Frank act, remain unenforced as an alphabet soup of federal agencies wrangle over how to adopt it.
In particular, top presidential aides have highlighted the failure in putting the Volcker Rule into effect. It would prohibit banks from risking institutional money in certain speculative investments. Last month, Jacob Lew, the Treasury secretary, complained in a speech that the regulators were moving too slowly to confront the dangers of banks that are so large that governments cannot allow them to fail for fear of bringing down the economy.
(More here.)
WASHINGTON — President Obama urged the nation’s top financial regulators on Monday to move faster on new rules for Wall Street, telling them in a private White House meeting that they must work to prevent a repeat of the 2008 financial crisis.
Aides said Mr. Obama also told the regulators that the United States needed a more simplified and certain system of financing housing. The president recently endorsed proposals to reduce the government’s role in providing mortgages.
Administration officials and some lawmakers have expressed frustration that critical parts of Mr. Obama’s overhaul of the financial system, which was voted into law three years ago and is known as the Dodd-Frank act, remain unenforced as an alphabet soup of federal agencies wrangle over how to adopt it.
In particular, top presidential aides have highlighted the failure in putting the Volcker Rule into effect. It would prohibit banks from risking institutional money in certain speculative investments. Last month, Jacob Lew, the Treasury secretary, complained in a speech that the regulators were moving too slowly to confront the dangers of banks that are so large that governments cannot allow them to fail for fear of bringing down the economy.
(More here.)
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