WASHINGTON (AP) — Passage of a sweeping overhaul of Wall Street regulations in 2010 was a hallmark of President Barack Obama's first term. Three years later, amid delays and compromises that critics say have diluted its ambitious goals, the president is trying to rekindle the law's promise.
Obama prodded the nation's top financial regulators on Monday to act swiftly and finish writing rules designed to prevent a recurrence of the 2008 financial crisis that helped precipitate a damaging recession from which the country is still recovering.
Obama met privately with Federal Reserve Chairman Ben Bernanke and seven other independent agency heads to emphasize his desire for comprehensive new rules as the five-year anniversary of the nation's financial near-meltdown approaches.
The law was considered a milestone in Obama's presidency, a robust response to the crisis, which led to a massive government bailout to stabilize the financial markets. But its implementation is behind schedule with scores of regulations yet to be written, let alone enforced.
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