Business

Obama Urges Regulators to Enact Wall Street Rules

[CBS News]

The American flag and a sign for Wall St. are shown outside the New York Stock Exchange, Monday, July 15, 2013 in New York. Weaker-than-expected U.S. retail sales sent most world stock markets lower Tuesday July 16, 2013 as investors awaited congressional testimony from Federal Reserve chairman Ben Bernanke later in the week.

Three years after President Obama signed a sweeping overhaul of lending and high-finance rules, scores of regulations are yet to be written, let alone enforced. In a private meeting on Monday, the president prodded bank regulators to execute the law swiftly.

The president’s push for action 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 Mr. Obama’s presidency, a robust response to the crisis that led to a massive government bailout to stabilize the financial markets. However, according to one report, regulators have only finished around 60 percent of the major actions the law requires of them.

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