White House Press release August 20, 2013
President Obama met with the Federal Reserve Board Chairman Ben S. Bernanke and other financial regulators to urge quicker progress on implementing the Dodd-Frank law, which the President had signed in 2010.
The closed door meeting included Treasury Secretary Jacob J. Lew, the comptroller of the Currency, the director of the Consumer Financial Protection Bureau, the acting director of Federal Housing Finance Agency, the chairman of the Commodity Futures Trading Commission, the Federal Deposit Insurance Corp., the National Credit Union Administration and the Securities and Exchange Commission, as reported by Bloomberg.
Deputy White House press secretary Josh Earnest said, ‘There’s no doubt they have a tall order.’ Details of the meeting were not released, but Earnest continued the release that the President’s intent was to ‘convey to them the sense of urgency' that he feels about ‘getting Dodd-Frank rules fully in place.'
Earlier in July, Mary Miller, the Treasury’s Department undersecretary for domestic finance, released a statement that the Dodd-Frank would near completion by year end. The Act is designed to allow transparency in the financial system and eliminate the ‘too big to fail excuse.'
The purpose of the meeting was to stress the need for a simplest housing finance system ‘that better serves the middle class.' Cooperation amongst agencies involved financial market regulation was stressed by the President, according to Josh Earnest.
This comes at a time when the August 7-11th Gallup poll released that the President’s approval rating slipped to 42% from 47% in June. His rating for the economy has slipped 7 points to 35% from 42% in June.