September will mark the fifth anniversary of the bankruptcy of Lehman Brothers, an investment bank whose failure roiled markets and is often viewed as a low in the financial crisis.
The Dodd-Frank law, which Congress passed in response to the meltdown, called for hundreds of new rules, including new oversight of the massive swaps market, mortgages and consumer financial products, and large nonbank financial firms.
Regulators have particularly wrestled with drafting the Volcker rule, which forbids banks from making risky trades with their own money. That reform is more than a year behind schedule, as five different agencies try to agree on a single rule.
The Volcker rule and other Dodd-Frank reforms have been the subject of intense lobbying by Wall Street firms hoping to shape the rules in their favor. Republicans in Congress also claim Dodd-Frank piles too many new requirements on banks and could wind up restricting credit availability.
"Dodd-Frank is an incomprehensively complex piece of legislation that is harmful to our floundering economy and in dire need of repeal," Representative Jeb Hensarling, a Republican and the chairman of the House of Representatives Financial Services Committee, said in a statement on Monday.
Beyond Dodd-Frank, the White House said the president and top regulators also discussed efforts to revamp housing finance in the United States and the challenges posed by smaller budgets.
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