Regions

President Obama meets with financial market regulators on Wall Street reform law

August 24
5:49 AM 2013

US President Barack Obama met with regulators of the country's financial markets to check on their progress in implementing the Dodd-Frank Law. Also known as the Wall Street Reform Law, the Dodd-Frank law was passed in 2010 with Obama's support. It was the government's response to the financial crisis that rocked the US from 2007 to 2009.

President Obama talked with the heads of the Securities and Exchange Commission, Office of the Comptroller of the Currency, US Federal Reserve and the Federal Deposit Insurance Corp. Heads of the Commodity Futures Trading Commission, Federal Housing Finance Agency, Consumer Financial Protection Bureau and the National Credit Union Administration also attended the meeting.

The Wall Street Reform Law basically sought to prevent complex financial companies from jeopardizing the markets should they fail or go bankrupt. Under the new law, banks were mandated to hold more capital. More policies for over-the-counter derivatives were also stipulated. The Dodd-Frank Law also formed a new federal agency to protect consumers against predatory lending practices. It also provided for reforms for private equity funds, hedge funds and other financial firms.

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