This story appeared in Bank Digest.
President Barack Obama and top administration officials met on October 6 with the heads of federal financial regulatory agencies to discuss the status of reforms put in place since 2010 to lessen the chances for a repeat of the Great Recession. The president applauded regulators’ efforts to date but noted areas where more work is still needed.
A readout of the president’s meeting said he pressed regulators to find new ways to reduce excessive risk-taking in the economy. The president’s call to do more on risk comes as regulators move to finish compensation and capital standards reforms. The president also urged banking regulators to stay focused on imposing prudent capital cushions for the nation’s biggest and most global financial institutions. According to the White House’s account, those in attendance also talked about their ongoing need to coordinate via the Financial Stability Oversight Council, while the president told regulators to look for ways to make their rules more effective and scalable.