President Barack Obama met with top financial regulators at the White House on Monday, urging them to help “identify and mitigate risks” in the financial sector and let the White House know if there are any current gaps in oversight of financial institutions.
“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,” the White House said in a readout of the meeting.
The meeting came just after the sixth anniversary of the height of the financial crisis in 2008, and participants discussed the broader economy as well as the continued implementation of various Wall Street reforms pursued by the Obama administration.
The White House said Obama commended the participants in finalising and implementing the Volcker Rule, which bars banks from making investment bets with their own money.
The White House did not identify any specific additional possible reform measures, months after Obama declared in an interview that an “unfinished piece of business” of his administration was further crackdown on banks that accept big risks.
From the White House, here’s the list of participants in the meeting:
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:
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