Obama Puts Pressure on Regulators to Push Dodd-Frank

President Barack Obama met with Wall St regulators on Monday, August 19th 2013 to discuss the progress made after the 2010 passing of the Dodd-Frank Act. According to The Wall Street Journal, Obama is urging key regulators to implement many sections of the Act in order to avoid any situation similar to the Great Recession. In attendance at this meeting were key players from the Securities and Exchange Commission, Commodity Futures Trading Commission, and the Treasury.

While the Dodd-Frank was passed and signed into law in 2010, many of the key regulatory reforms still haven’t become a reality, including the controversial “Volcker Rule,” which was created to limit proprietary trading and the liabilities larger banks may hold at a time. According to an article in the Wall Street Journal, Treasury secretary Jacob Lew predicts that the Volcker Rule will be in effect by the end of the year. Others remain less optimistic, citing the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) both encountering budget restrictions.

According to an report done by  Davis Polk & Wardwell LLP, less the 40% of the rules in the Dodd Frank were finished by July 1st, 2012.



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