Obama Administration Gearing Up to Tighten Rules on Financial Industry

President Barack Obama met with Federal Reserve Chair Janet Yellen and U.S. Securities and Exchange Commission Chair Mary Jo White on Monday, March 7th to discuss implementing stronger protections for consumers and further financial regulation, according to a recent Bloomberg article.

The President defended the actions taken by the government in the wake of the crisis, including enacting the Dodd-Frank financial reform law and establishing the Consumer Financial Protection Bureau.

“I want to dispel the notion both on the left and on the right that after the financial crisis nothing happened,” Obama stated.

The administration has signaled it intends to keep tightening rules on the financial industry and is gearing up to release a new "fiduciary" rule relating to brokers’ handling of retirement accounts.

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