President Obama on Monday will meet with financial regulators to discuss progress on the implementation of the Dodd-Frank reform bill, the White House announced.
In his first day back in Washington after a weeklong vacation in Martha's Vineyard, Obama will meet in the West Wing with directors from a slew of federal agencies tasked with regulating the nation's financial system.
Representatives from the Consumer Financial Protection Bureau, Federal Housing Finance Agency, Federal Reserve system, Commodity Futures Trading Commission (CFTC), and the Federal Deposit Insurance Corporation (FDIC) will be among those in attendance. The Treasury Department said that Secretary Jack LewJacob (Jack) Joseph LewThe Hill's Morning Report - Biden argues for legislative patience, urgent action amid crisis On The Money: Senate confirms Yellen as first female Treasury secretary | Biden says he's open to tighter income limits for stimulus checks | Administration will look to expedite getting Tubman on bill Sorry Mr. Jackson, Tubman on the is real MORE would also attend the closed-press meeting.
The gathering comes just over three years after Obama signed the Dodd-Frank reform bill into law, and amid a renewed push by the administration to fully implement the measure’s regulations.
Of the roughly 400 new industry rules to be written under the 3,200 page bill, only 39 percent have been completed, according to CNBC. Lew told the network last month that fully implementing the law would be a top priority of the administration in the coming months.
"By the end of this year, the core elements of the Dodd-Frank Act will be substantially in place," Lew said.
Obama also reportedly spent time during his vacation weighing whom to tap as the next head of the Federal Reserve, with speculation about who will replace Ben Bernanke swirling around Washington. Congressional Democrats have voiced support for current Fed Vice Chairwoman Janet Yellen, while the president has acknowledged also considering former Treasury Secretary Larry Summers for the job.
In a closed-door meeting with Senate Democrats last month, Obama defended Summers from criticism over remarks he made about women while serving as president of Harvard and for his role in the deregulatory push under President Clinton. Summers has come under particular fire for his role blocking the CFTC from publicly examining derivatives trading.
In a press conference shortly before leaving for vacation, Obama said his nomination would be "definitely one of the most important economic decisions that I’ll make in the remainder of my presidency" and called both Yellen and Summers "highly qualified candidates."
"I want a Fed chairman who’s able to look at those issues and have a perspective that keeps an eye on inflation, makes sure that we’re not seeing artificial bubbles in place, but also recognizing, you know what, a big part of my job right now is to make sure the economy is growing quickly and robustly, and is sustained and durable, so that people who work hard in this country are able to find a job," Obama said.
Monday’s meeting with financial regulators also comes as the president is making a push on the economy, with campaign-style events around the country to tout new proposals.
In a speech earlier this month in Phoenix, Obama called for a reduced federal role in the mortgage market. The president proposed winding down Fannie Mae and Freddie Mac, a move that would dramatically reshape how borrowing for home purchases would operate.