Obama Says More Action Needed to Avert Another Financial Crisis
- President meets with nation's top financial regulators
- Next steps include scrutinizing `shadow banking system'
President Barack Obama speaks during a meeting with financial regulators at the White House on March 7, 2016.
Photographer: Alex Wong/Getty ImagesThis article is for subscribers only.
President Barack Obama huddled Monday with top financial regulators to push for still tougher oversight of Wall Street to head off another financial crisis.
The president met with the group, which included Federal Reserve Chair Janet Yellen and Securities and Exchange Commission Chair Mary Jo White, to discuss implementing stronger protections for consumers and scrutinizing financial industry practices that predated the 2008 crisis. Among those practices are what he called the “shadow banking system” and executive compensation structures that create incentive for risk.