The Herald Bulletin

Overnight 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_cdc.jpg Anthrax scare reveals more CDC lab safety problems

    Citing an anthrax scare and other safety problems, the Centers for Disease Control and Prevention on Friday said it shut down two research labs and stopped shipping highly dangerous germs to other labs.

    July 11, 2014 1 Photo

  • news_obamaborder.jpg House chairman: $3.7B border request 'too much'

    A key Republican said Friday that President Barack Obama's multibillion-dollar emergency request for the border is too big to get through the House, as a growing number of Democrats rejected policy changes Republicans are demanding as their price for approving any money.

    July 11, 2014 1 Photo

  • news_houstonshooting2.jpg Texas shooting suspect collapses twice in court

    A man accused of killing six members of his ex-wife's family, including four children, after forcing his way into their suburban Houston home collapsed in court twice Friday as a prosecutor read out details of the crime.

    July 11, 2014 1 Photo

  • news_capitol.jpg Parts of US Capitol closed after asbestos accident

    An accident involving asbestos work forced a temporary closure of the House side of the Capitol on Thursday and prompted House leaders to delay the day's session for two hours.

    July 11, 2014 1 Photo

  • news_houstonshooting.jpg Houston gunman demanded to know ex-wife's whereabouts

    A man charged with killing four children and their parents forced his way into the family's suburban Houston home, tied them up and shot them in the back of the head when they refused to tell him where his ex-wife was, authorities said Thursday.

    July 11, 2014 1 Photo

  • news_stillwagon.jpg 1960s Ohio State star sues over road rage arrest

    Police altered facts and suppressed and destroyed evidence to pursue their road rage investigation against a former Ohio State football star accused of shooting a pickup truck driver in the head, the ex-player alleged in a federal lawsuit Thursday that says he was defending himself against an aggressive driver at every turn.

    July 10, 2014 1 Photo

  • news_massachusettsapartmentfire.jpg Fireworks reports checked in deadly apartment fire

    A fire ravaged a three-story apartment building before dawn Thursday, killing four adults and three children, forcing tenants to jump or hand their children to safety, and leading to dramatic rescues from upper floors.

    July 10, 2014 1 Photo

  • news_draftnotices.jpg 14,000 draft notices sent to men born in 1800s

    No, the United States isn’t trying to build a military force of centenarians. It just seems that way after the Selective Service System mistakenly sent notices to more than 14,000 Pennsylvania men born between 1893 and 1897, ordering them to register for the nation’s military draft and warning that failure to do so is “punishable by a fine and imprisonment.”

    July 10, 2014 1 Photo

  • news_immigrants.jpg Faster deportations? A possible border crisis deal

    Outlines of a possible compromise that would more quickly deport minors arriving from Central America emerged Thursday as part of President Barack Obama’s $3.7 billion emergency request to address the immigration crisis on the nation’s southern border.

    July 10, 2014 1 Photo

  • news_obamaborder.jpg Obama to border critics: 'This is not theater'

    President Barack Obama, seeking to keep a humanitarian crisis at the U.S.-Mexico border from becoming a deeper political liability, pushed back Wednesday at critics who have cast his administration's response to the influx of unaccompanied children as slow and ineffective.

    July 10, 2014 1 Photo

More Resources from The Herald Bulletin
AP Video
Joy Fills Streets of Cleveland As LeBron Returns Proposed Bill to Regulate NY Costumed Characters WH: LeBron's Move a 'Powerful Statement' Ana Ortiz on 'Devious Maids' Finale CDC Addresses Lab Safety Problems Texas Shooting Suspect Collapses in Court Death Toll Tops 100 As Israel Offense Continues LeBron James Says He's Returning to Cavaliers Man Flees Police in World Cup Scalping Scheme Robot Writes Jewish Torah Scroll Raw: Israel, Gaza Exchange Rocket Fire More Immigrants Detained Along Rio Grande World Cup Final Pits Argentina Against Germany Police: Prostitute Linked to 2nd Death Thousands Attend NYC Firefighter's Funeral Art of Haitian Machete Fighting Revived Raw: Australia Hosts Annual Beer Can Regatta Mass. Mayor: Families Lost Everything in Fire Fans Dying to Be Near Jazz Greats Robots Gearing Up for Their Own 'World Cup'
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