WASHINGTON – President Barack Obama is meeting with top financial regulators at the White House to discuss progress implementing Wall Street rules.
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The meeting included Fed Chair Janet Yellen and it comes four years after Obama signed a sweeping overhaul of lending and high-finance rules in the wake of the 2008 banking crisis.
Obama a year ago voiced concern about the slow pace with which new rules were being adopted. At the time, regulators had missed 60 percent of the rule-making deadlines set by the law. So far this year, they have completed rules on 60 percent of the rule-making deadlines.
Among those rules was a significant ban on the largest banks from trading for their own profit in most cases. Though adopted, that rule won't take effect for the biggest banks until mid-2015.