President Obama Meets with Regulators to Discuss Dodd-Frank

With a background in securities and finance that included partnership in the international law firm of Latham & Watkins and service in the elected leadership of the U.S. House of Representatives, Christopher Cox accepted appointment as the 28th Chairman of the U.S. Securities and Exchange Commission in 2005. Currently, Chris Cox applies his financial, legal, and regulatory experience in his work as President of Bingham Consulting LLC. Chris Cox and his distinguished professional colleagues at Bingham Consulting, themselves former high-ranking government officials including U.S. Governors and top executives from the White House senior staff, the State Department, the Department of Justice, and the National Security Council, regularly advise clients on issues such as how the SEC and the Consumer Financial Protection Bureau affect international business.

In mid-August 2013, President Obama met with regulators to review their progress on the Dodd-Frank financial regulation act. After three years, officials have made little headway implementing many of the measures prescribed by the law. Those meeting with the President included the Treasury Secretary, the Director of the Consumer Financial Protection Bureau, and the Chairman of the SEC, among others. The meeting focused on the fact that these regulators had missed approximately 60 percent of the 279 deadlines that were set when the law was passed in 2010.

Analysts note, however, that progress is finally being made on many of the overdue rules. Regulators report they have moved forward on parts of the Dodd-Frank Act related to mortgage regulations and derivatives. The U.S. Commodity Futures Trading Commission has announced that 35 of its 43 required derivatives rulemakings are now completed. With regard to the much-debated Volcker Rule, which was to have been a centerpiece of the Dodd-Frank law that would regulate risky trading among banks, officials are not optimistic that the restriction will go into effect before early 2014.