WASHINGTON President Obama met yesterday at the White House with financial regulators to discuss ongoing implementation of the Dodd-Frank bill.
Treasury Secretary Jack Lew said a top priority of the White House is fully enacting the 4,200-page bill, even though one recent report said that just 39% of the 400 new rules contained in Dodd-Frank had been implemented.
Specifics of the discussion were not released, with NCUA Chairman Debbie Matz issuing a statement, “We had a most productive meeting with the president. NCUA remains committed to working in coordination with other regulators to build a stronger financial services industry.”
Meanwhile, Financial Services Committee Chairman Jeb Hensarling (R-TX) said in a statement of his own about the legislation, “Much like Obamacare, Dodd-Frank is an incomprehensively complex piece of legislation that is harmful to our floundering economy and in dire need of repeal. Its regulations generally fall into two categories: those that create economic uncertainty and those that create certain economic harm. The great tragedy and irony of the financial crisis was not that Washington regulators failed to prevent it, but instead that Washington regulations helped lead us into it. With Dodd-Frank, our economy now has 400 more Washington regulations to contend with.”
