Readout of the President's Meeting with Independent Financial Regulators
This afternoon, President Obama hosted a meeting with lead independent financial regulators. In addition to White House staff, participants include the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau (CFPB), the Acting Director of the Federal Housing Finance Agency (FHFA), and the chairs of the Board of Governors of the Federal Reserve System (FRB), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, and the Securities and Exchange Commission (SEC). Treasury Secretary Jack Lew also attended the meeting.
The President and the regulators discussed the significant progress that has been made to strengthen our financial system and protect consumers, including the ongoing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The President commended the regulators for their work but stressed the need to expeditiously finish implementing the critical remaining portions of Wall Street Reform to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again. The President also discussed the housing market including the need for a more simplified and certain housing finance system that better serves middle class families. Protecting consumers is and has been a priority for the President since day one. He understands that in order to build a strong and secure middle class, we need a stable financial system and common sense protections for families across the nation.
The group also discussed opportunities to continue interagency coordination, including through the Financial Stability Oversight Council chaired by Secretary Lew, and the need to remain responsive to new risks in the financial system. Participants also discussed the challenges posed by the current budget environment to their efforts in strengthening the financial system and protecting consumers, and the importance of providing adequate funding for independent regulatory agencies to achieve their core missions.