The Herald Bulletin

Morning Update

Breaking News

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
Breaking News
  • Sherpas leave Everest; some expeditions nix climbs

    Sherpa guides packed up their tents and left Mount Everest's base camp Wednesday in an unprecedented walkout to honor 16 of their colleagues who were killed last week in the deadliest avalanche ever recorded on the mountain, climbers said.

    April 23, 2014

  • FBI investigates suspected serial child molester

    The FBI asked for the public's help Tuesday to identify at least 90 potential victims of a suspected child predator who worked at 10 American and other international schools abroad for more than four decades before committing suicide last month in Minnesota.

    April 22, 2014

  • Australia signals deeper search for Malaysian jet

    Australia may use more powerful sonar equipment that can delve deeper beneath the Indian Ocean in the hunt for the missing Malaysia Airlines jet as the prime minister said Wednesday that failure to find any clue in the most likely crash site would not spell the end of the search.

    April 22, 2014

  • Car fleeing shooting hits Indianapolis school bus

    A car has struck a school bus in Indianapolis, injuring about a half-dozen children.

    April 22, 2014

  • Teen pleads guilty in southern Indiana fatal fire

    An 18-year-old southern Indiana woman faces the possibility of 20 years in prison after pleading guilty Tuesday in connection with a house fire that killed three young siblings, but an aunt of the victims said such a sentence would not be enough time.

    April 22, 2014

  • Tech boom presents new wrinkles for Wrigley Field

    During a recent game at Wrigley Field, John Weber was using a pencil and scorecard to expertly track the game between his hometown Cubs and the Pittsburgh Pirates. The 86-year-old retired transit worker figures he is an increasingly rare kind of baseball fan.

    April 22, 2014

  • 2 die in Boone County crash after SUV blows tire

    Police say a tire blew on an SUV, causing the vehicle to crash and kill two women near Indianapolis.

    April 22, 2014

  • Justin Bieber seeks delay in Fla. DUI trial

    Justin Bieber is seeking a delay in his trial currently scheduled to begin next month on Florida charges of driving under the influence, resisting arrest and driving with an expired license.

    April 22, 2014

  • Frankton school evacuated, no bomb found

    Students were back in classes at Frankton Jr./Sr. High School after a bomb threat forced an evacuation Tuesday morning. No explosive device was found.

    April 22, 2014

  • Comcast 1Q earns surge on upbeat NBC results

    Comcast Corp. said Tuesday that its first-quarter net income rose by 30 percent as ad revenue surged at broadcast network NBC, helped by the Winter Olympics in Sochi and Jimmy Fallon's elevation as host of "The Tonight Show."

    April 22, 2014

Featured Ads
More Resources from The Herald Bulletin
AP Video
Bon Jovi Helps Open Low-income Housing in Philly Pipeline Opponents Protest on National Mall Hagel Gets Preview of New High-tech Projects S.C. Man Apologizes for Naked Walk in Wal-Mart New Country Music Hall of Fame Inductees Named 'Piles' of Bodies in South Sudan Slaughter New Yorkers Celebrate Cherry Blossom Blooms SCOTUS Hears Tv-over-Internet Case Justice Dept. Broadening Criteria for Clemency Chief Mate: Crew Told to Escape After Passengers 'Miss Meadows' Takes Holmes Back to Her Roots Biden: Russia Must Stop Talking, Start Acting David Moyes Out As Manchester United Manager Raw: Leopard Bites Man in India Iowa College Finds Beauty in Bulldogs High Court to Hear Dispute of TV Over Internet Stowaway Teen Forces Review of Airport Security
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
Front page
Poll

Do you plan to attend any of the local Little 500 Festival events in May?

Yes
No
What events?
     View Results