President Barack Obama apparently feels better about the pace of Dodd-Frank implementation these days.
When Obama met with regulators in 2013, he urged them to keep their feet on the gas as they erect the nation’s new financial regulatory framework. Last week, he met with agency leaders again for a closed door meeting to discuss their efforts.
“The president has been pleased with the progress that the regulators have made in implementing the law,” White House Press Secretary Josh Earnest told members of the media following the Oct. 6 meeting with top banking and markets regulators. The huddle also included the leaders of the Treasury Department, Federal Housing Finance Agency and Consumer Financial Protection Bureau.
According to the White House, the president noted the banking regulators’ efforts to raise capital standards, and urged them to maintain focus on ensuring that prudent capital cushions are in place, particularly for the largest, most complex global firms.
“The president acknowledged the collaborative work of the regulators, specifically recognizing their work in finalizing the Volcker Rule, and also urged participants to consider additional ways to prevent excessive risk-taking across the financial system, including as they continue to work on compensation rules and capital standards,” Earnest said.
The meeting also included discussion of the challenges posed by the current budget environment and the importance of providing adequate funding for independent regulatory agencies to achieve their core missions, Earnest said.
He added that Congress should provide additional funding to markets regulators so they can “protect middle-class families, safeguard the financial system, pursue bad actors and fulfill their missions.”