Barack Obama Quotes

The financial crisis is a stark reminder that transparency and disclosure are essential in today's marketplace.

Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.

The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.

Opacity on extreme levels is not addressed anywhere, including Dodd-Frank.

The Federal Reserve has always recognized the importance of allowing markets to work, and government oversight of financial firms will never be fully effective without the aid of strong market discipline.

We need financial regulation that allows businesses and the banks they use to have access to the tools that help keep prices of consumer goods - like groceries and home heating oil - steady, while ensuring that the taxpayers are never again on the hook for the types of wild bets that helped crash the economy in 2008.

Our objective in regulation should be to put in place tough enough regulation and capital and liquidity standards that we level the playing field and make it costly.

I believe that we have to have a new regulatory regime for our financial system.

The TMPG is the place where market participants recognize and address their responsibilities to each other.

Small businesses have suffered under the demands of Obamacare and community banks have scaled back lending due to stringent provisions of Dodd-Frank financial regulation.

Accountability for the largest financial institutions on Wall Street is the bedrock for a strong economy. Hard-working families and honest businesses cannot survive in a world where the rules don’t keep the marketplace honest.

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.

As a whole, investors should welcome attempts to safeguard the integrity of markets. You need very clear rules applied to markets.

The SEC got more than 100 rules to write under Dodd-Frank, the lion's share of all the agencies. And we've moved, I think, with a tremendous sense of urgency. But it takes a long time to write rules and get them approved by a five-member commission.

This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period.

Credit ratings and risk weightings must undergo a thorough process of review and revision. No security or instrument on the planet should have a zero risk weighting.

Every deal is a regulated deal. Regulators will tell you how to take your money home.

The Commission concludes that the banking supervisors failed to adequately and proactively identify and police the weaknesses of the banks and thrifts or their poor corporate governance and risk management, often maintaining satisfactory ratings on institutions until just before their collapse. This failure was caused by many factors, including beliefs that regulation was unduly burdensome, that financial institutions were capable of self-regulation, and that regulators should not interfere with activities reported as profitable.

The regulators can’t do it. These institutions are just too large and complex.

For a long time, there had been no organization dedicated solely to going to toe-to-toe with the financial industry, on any issue, no matter how complex or obscure. That’s what we do

Don't act like a bank unless you are a bank. That was a really big lesson learned from 2008.

The best restraint is old-fashioned market discipline, in which financial traders know that they, personally, will lose a ton of money if they take risky bets that don't pan out.

Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong.

To enable large U.S. banks to support their clients better, the Volcker rule should be clarified.