Obama urges more progress on Wall Street reform law

U.S. President Barack Obama on Monday urged financial regulators to speed up the enacting of the Dodd-Frank Wall Street reform law, which was passed in 2010.

Obama held a closed-door meeting with the financial regulators Monday afternoon to specifically discuss the progress made in implementing the Dodd-Frank Wall Street reform law, the White House said.

The president "stressed the need to expeditiously finish implementing the critical remaining portions of Wall Street reform to ensure we are able to prevent the type of financial harm that led to the Great Recession from ever happening again," it said in a statement.

Participants include the heads of major financial regulatory agencies, including the Treasury, Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading Commission, and the Consumer Financial Protection Bureau.

The Dodd-Frank law, which was passed in response to the financial crisis, aims to prevent the excessive risk-taking that led to the crisis and build a safer, more stable financial system.

However, three years after Obama signed the sweeping overhaul of lending and high-finance rules, many detailed parts of the bill are yet to be completed.