Obama meets with Fed's Yellen, other bank regulators, over Wall Street rules

IndustriesAssociated Press

President Barack Obama is meeting with top financial regulators at the White House to discuss progress implementing Wall Street rules.

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.

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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.