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Obama urges regulators to enact Wall Street rules

August 20, 2013 • National News


FILE – In this May 11, 2007 file photo, a Wall Street sign is seen at an entrance to the New York Stock Exchange. Three years after President Barack Obama signed a sweeping overhaul of lending and high-finance rules, implementation of the law is behind schedule with scores of regulations yet to be written, let alone enforced. Obama was meeting with top banking regulators Monday, Aug. 19, 2013, for a status report with the five-year anniversary of the financial meltdown approaching this fall. (AP Photo/Richard Drew, File)

WASHINGTON (AP) — Three years after President Barack Obama signed a sweeping overhaul of lending and high-finance rules, execution of the law is behind schedule with scores of regulations yet to be written, let alone enforced. Meeting privately with the nation’s top financial regulators on Monday, Obama prodded them to act more swiftly.

The president’s push comes as the five-year anniversary of the nation’s financial near-meltdown approaches. The law when passed in 2010 was considered a milestone in Obama’s presidency, a robust response to the crisis, which led to a massive government bailout to stabilize the financial markets.

But the slow pace of implementation has prompted administration concern that banks could still pose potentially calamitous risks to the economy and to taxpayers. Obama hoped to convey “the sense of urgency that he feels,” spokesman Josh Earnest said before the president convened the meeting with the eight independent regulators in the White House Roosevelt Room.

Lehman Brothers collapsed into bankruptcy on Sept. 15, 2008, and the administration has wanted to use that dubious milestone to look back on the lessons of the crisis and progress so far to prevent a recurrence. In a statement at the conclusion of the meeting, the White House said Obama Login to read more

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