Obama Takes On Dodd-Frank Criticism

U.S. President Barack Obama is taking on a defensive front when it comes to his ongoing efforts to crack down on Wall Street.

On Monday (March 7), the president met with Federal Reserve Chair Janet Yellen and other top regulators at the White House to discuss the progress of their attempt to rein in banks and trading firms with the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law back in 2010.

“I want to emphasize this because it is popular in the media and the political discourse, both on the left and the right, to suggest that the crisis happened and nothing changed. That is not true,” President Obama told various media outlets after the meeting.

While some feel as though the Wall Street regulations have not gone far enough, others have complained that Dodd-Frank has hurt small banks as a result of being too lenient on the big banks, Reuters reported.

President Obama explained that most of the goals he set out for the financial system back in 2008 will be achieved by regulators by the end of the year. But he admitted that there is still work to be done when it comes to the rules and guidelines set out for hedge funds and asset managers.

“One of our projects is to make sure that we are covering some of those potential gaps,” the president said. “We may need, at some point, help from Congress to do that.”

“Whether you are a Democrat or a Republican or a Tea Party member or a socialist, if you are concerned about making sure that Wall Street is doing the right thing, check to make sure that your member of Congress is not trying to cut the budgets of these various agencies,” President Obama continued.