WASHINGTON Aug 18 President Barack Obama will
sit down with the leading U.S. financial market regulators on
Monday to discuss their progress in implementing the 2010 Wall
Street reform law, the White House said on Sunday.
The Dodd-Frank law was passed by the
then-Democratic-controlled Congress with Obama's support as a
response to the 2007-2009 financial crisis. It aims to prevent
large, complex financial firms from imperiling markets should
It imposed new rules for over-the-counter derivatives,
required banks to hold more capital, established a new federal
agency charged with protecting consumers from predatory lending
and laid out a series of reforms targeting numerous other
financial firms, such as hedge funds and private equity funds.
The White House said it expects the heads of the Securities
and Exchange Commission, Commodity Futures Trading Commission,
Consumer Financial Protection Bureau, U.S. Federal Reserve,
Office of the Comptroller of the Currency, Federal Deposit
Insurance Corp, Federal Housing Finance Agency and the National
Credit Union Administration to attend the meeting Monday
Treasury Secretary Jack Lew will also participate, the
Treasury Department said on Sunday.
Although the Dodd-Frank legislation was signed into law by
Obama more than three years ago, many of the rules have yet to
The CFTC has made arguably the most progress of any
regulator, finalizing the majority of the rules for the
over-the-counter derivatives marketplace. Most of the other
regulators still have a relatively long way to go.
As of July 15, the law firm Davis Polk found that a total of
279 Dodd-Frank rulemaking requirement deadlines had passed. Of
those, only 38.4 percent were met with finalized rules, while a
total of 61.6 percent were missed.
Among the major outstanding regulations that must be
completed include rules targeting asset-backed securities
markets, credit-rating agencies and the Volcker rule, a measure
named after former Federal Reserve Chairman Paul Volcker that
restricts banks from engaging in proprietary trading.