From: Fritze, John [mailto:email@example.com]
Sent: Monday, March 7, 2016 12:52 PM
To: Velz, Peter T. EOP/WHO ; Allen, Jessica L. EOP/WHO
Subject: Pool report #2 // Wall Street regs
President Obama was seated in the center of the table in the Roosevelt Room for the pool spray following his meeting with financial regulators. To his right was Janet Yellen; to his left was Richard Cordray. Secretary Lew was seated across the table from the president.
Obama spoke for about 12 minutes, offering a defense of Dodd-Frank and repeatedly pushing back on post-crisis criticism he said has come from the left and the right.
"As we work to recover from this crisis, we've also worked to prevent this crisis from happening again," Obama said. "The laws that we've passed have worked."
"It is popular in the media, and political discourse both on the left and on the right to suggest that the crisis happened and nothing changed. That is not true."
Obama acknowledged that works remains on shadow banking, executive compensation and cyber security.
"I want to dispel the notion that exists both on the left and on the right that somehow, after the crisis, nothing happened," Obama said.
"We did not just rebuild this, we rebuilt it better, and we've rebuilt it stronger."
At the end of his remarks, the president said that it was some in Congress who are holding up further action on the issue.
"If there is a significant challenge in terms of regulating Wall Street and regulating our financial sector it is primarily coming from certain members of Congress who are consistently pressuring independent regulators to back off," Obama said.
Obama took one question from the pool, regarding the death of Nancy Reagan (see pool report #1) and he demurred on a question shouted about the status of the Supreme Court nomination.
"Don't try your luck," he quipped.
In addition to Yellen, Lew and Cordray this pooler spotted Mary Jo White, Martin Gruenberg, Thomas Curry, Debbie Matz, Shaun Donovan and Valerie Jarrett.
We're now on a lunch lid until 2:30 p.m.
The Baltimore Sun