Pile on the compliance costs

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 ChairMary 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.

Obama defended the actions taken by the government in the wake of the crisis, including enacting the Dodd-Frank financial reform law and establishing the Consumer Financial Protection Bureau.

The financial industry should push banker bot and the smart card.  Be done with the Feds.