President Obama meets with financial regulators Monday

MGN-Online
Monday, August 19, 2013 - 5:01pm

President Barack Obama met Monday afternoon with "independent financial regulators" to discuss reforms to the banking industry and improvements in the housing market.

Fresh off his family vacation to Martha's Vineyard, Obama specifically discussed the progress made in implementing the Dodd-Frank Wall Street reform law passed in 2010.

The White House said the heads of the Securities and Exchange Commission, Federal Housing Finance Agency, and the Consumer Financial Protection Bureau, among others, attended Monday's meeting, which was closed to the press. Treasury Secretary Jack Lew also participated.

The meeting to discuss the Dodd-Frank reform bill, which Obama signed into law in July 2010, came at the conclusion of a series of speeches the president made recently on the mortgage and housing markets.

Dodd-Frank was passed in response to the financial crisis, which resulted largely due to the bubble burst of the inflated housing market. Three years later, many of the rules set forth in the legislation have yet to be completed, including those aimed at credit rating agencies.

Describing the meeting, the White House said the group went over ways their various agencies could continue cooperating to protect American consumers. They also discussed upcoming budget deadlines, which could have an effect on funding the different agencies' programs.
 

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