The Herald Bulletin

Morning Update

Nation & World

August 20, 2013

Obama urges regulators to enact Wall Street rules

WASHINGTON — Three years after President Barack Obama signed a sweeping overhaul of lending and high-finance rules, execution of the law is behind schedule with scores of regulations yet to be written, let alone enforced. Meeting privately with the nation's top financial regulators on Monday, Obama prodded them to act more swiftly.

The president's push comes as the five-year anniversary of the nation's financial near-meltdown approaches. The law, when passed in 2010, was considered a milestone in Obama's presidency, a robust response to the crisis that led to a massive government bailout to stabilize the financial markets.

But the slow pace of implementation has prompted administration concern that banks could still pose potentially calamitous risks to the economy and to taxpayers. Obama hoped to convey "the sense of urgency that he feels," spokesman Josh Earnest said before the president convened the meeting with the eight independent regulators in the White House Roosevelt Room.

Lehman Brothers collapsed into bankruptcy on Sept. 15, 2008, and the administration has wanted to use that dubious milestone to look back on the lessons of the crisis and progress so far to prevent a recurrence. In a statement at the conclusion of the meeting, the White House said Obama 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."

Not everyone feels that way about the law, known as Dodd-Frank after its Democratic sponsors, Rep. Barney Frank and Sen. Christopher Dodd.

Republican House Financial Services Committee Chairman Jeb Hensarling, an early opponent of Dodd-Frank, dismissed Obama's meeting with the regulators, saying, "Much like Obamacare, Dodd-Frank is an incomprehensively complex piece of legislation that is harmful to our floundering economy and in dire need of repeal."

Text Only
Nation & World
  • news_holtzclaw.jpg Policeman accused of serial sex assault on patrol

    An Oklahoma City police officer arrested on charges of serial sexual assault preyed on women in the rundown neighborhoods he was assigned to patrol — picking some up off the street, pulling others over at traffic stops and in one case taking a woman to a nearby school, according to an affidavit released Friday.

    August 22, 2014 1 Photo

  • news_ferguson.jpg New fear: What happens in Ferguson if no charges?

    Conditions calmed this week in Ferguson after nights of sometimes violent unrest stemming from the fatal shooting of a black 18-year-old by a white police officer. But a delicate and crucial question lingers: What happens if the grand jury now considering the case doesn’t return a charge against the officer?

    August 22, 2014 1 Photo

  • Oklahoma police chief resigns over racial slur repost to Facebook

    A repost on his personal Facebook page of a racially-charged comment by the original poster of a comedy video has forced the police chief of an Oklahoma city to resign his office.

    August 21, 2014

  • US existing home sales rise for 4th straight month

     Sales of existing U.S. homes rose for the fourth straight month in July to their highest level in nearly a year, the latest sign that the housing recovery is picking up after stumbling at the start of the year.

    August 21, 2014

  • Aid group: US doctor who had Ebola has recovered

    At least one of the two American aid workers who were infected with the deadly Ebola virus in Africa has recovered and was to be discharged Thursday from an Atlanta hospital, a spokeswoman for the aid group he was working for said.

    August 21, 2014

  • Holder bringing personal perspective to Ferguson

     Eric Holder talks about the nation's civil rights struggles in a way no previous U.S. attorney general could — by telling his own family story.

    August 20, 2014

  • Senate control could rest with well-funded women

    Control of the Senate could lie in the fortunes of female candidates and the deep-pocketed donors, like former New York Mayor Michael Bloomberg, who are sending piles of cash their way.

    August 20, 2014

  • Iraq forces retake Mosul Dam; militants deny claim

    Boosted by two days of U.S. airstrikes, Iraqi and Kurdish forces on Monday wrested back control of the country's largest dam from Islamic militants, a military spokesman in Baghdad said as fighting was reported to be underway for the rest of the strategic complex.

    August 18, 2014

  • US stocks open higher; Family Dollar jumps

     U.S. stocks are opening higher, following gains in Europe.

    August 18, 2014

  • Federal autopsy ordered in Missouri teen's death

    Attorney General Eric Holder on Sunday ordered a federal medical examiner to perform another autopsy on a black Missouri teenager whose fatal shooting by a white police officer has spurred a week of rancorous and sometimes-violent protests in suburban St. Louis.

    August 17, 2014

More Resources from The Herald Bulletin
AP Video
Furry Roommates: Dorms Allowing Cats and Dogs Chase Rice Defends Bro-Country 'Jersey Shore Massacre' Pokes Fun at MTV Series Raw: Wash. Mudslides Close Roads, Trap Motorists DC's Godfather of Go-Go Honored Ukraine Calls Russian Convoy a 'direct Invasion' Girl Meets Her 'one in the World' Match Coal Gas Boom in China Holds Climate Risks Japan Landslide Rescuers Struggle in Heavy Rain Raw: Severe Floods, Fire Wrecks Indiana Homes Endangered Red Wolves Face Uncertain Future Raw: Russian Aid Convoy Arrives in Ukraine Okla. Policeman Accused of Sex Assaults on Duty Dominican Republic Bans Miley Cyrus Concert Raw: Israeli Air Strike in Gaza Raw: Bodies of MH17 Victims Arrive in Malaysia Attorney: Utah Eatery Had Other Chemical Burn
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium