President Barack Obama huddled Monday with top financial regulators to push for still tougher oversight of Wall Street to head off another financial crisis.
The president met with the group, which included Federal Reserve Chair Janet Yellen and Securities and Exchange Commission Chair Mary Jo White, to discuss implementing stronger protections for consumers and scrutinizing financial industry practices that predated the 2008 crisis. Among those practices are what he called the “shadow banking system” and executive compensation structures that create incentive for risk.
Obama defended the actions taken by the government in the wake of the crisis, including enacting the Dodd-Frank financial reform law and establishing the Consumer Financial Protection Bureau.
“I want to dispel the notion both on the left and on the right that after the financial crisis nothing happened,” Obama told reporters. Nor did those steps hurt businesses and the economy, he said.
The meeting was Obama’s first with the group since October 2014, when the president pushed the group to identify steps to “prevent excessive risk-taking” across the financial system, White House Press Secretary Josh Earnest said.