President Obama hosted a discussion today in the Roosevelt Room with lead financial regulators and senior advisors on the economy and the ongoing implementation of Wall Street Reform.
Six years after the depths of the financial crisis, the President commended regulators for their efforts to further strengthen the financial system by continuing to implement the Wall Street Reform and Consumer Protection Act, which includes the most sweeping set of financial regulatory reforms since the Great Depression and the strongest consumer protections in history that have afforded millions of hard-working Americans new rights and protections within the financial sector.
The President noted the leadership of U.S. banking regulators in raising capital standards and urged regulators to maintain focus on ensuring that prudent capital cushions are in place, particularly for the largest, most complex global firms, to provide further protection for the U.S. financial system. 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.
Participants discussed the importance of continued coordination through the Financial Stability Oversight Council to identify and mitigate risks to the financial system and address areas of overlap or gaps in oversight. The President asked regulators to evaluate where their agencies’ actions have been most effective and where standards could be tailored for the size and complexity of different institutions.
Finally, participants noted existing budgetary constraints for the market regulators and reiterated the need for additional resources and stability of funding to help protect middle class families, safeguard the financial system, pursue bad actors, and fulfill their missions.
Participants in today’s meeting included:
- Janet Yellen, Chair of the Board of Governors of the Federal Reserve System
- Mary Jo White, Chair of the Securities and Exchange Commission
- Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation
- Mel Watt, Director of the Federal Housing Finance Agency
- Richard Cordray, Director of the Consumer Financial Protection Bureau
- Timothy Massad, Chairman of the Commodity Futures Trading Commission
- Thomas Curry, Comptroller of the Office of the Comptroller of the Currency
- Debbie Matz, Chairman of the National Credit Union Administration
White House and Administration Participants:
- Jack Lew, Secretary of the Treasury
- Shaun Donovan, Director of the Office of Management and Budget
- Jason Furman, Chairman of the Council of Economic Advisers
- Jeff Zients, Director of the National Economic Council and Assistant to the President for Economic Policy
- Brian Deese, Deputy Director of the Office of Management and Budget
- Neil Eggleston, White House Counsel
- Sarah Bloom Raskin, Deputy Secretary of the U.S. Department of the Treasury
- Seth Wheeler, Special Assistant to the President for Economic Policy