Obama's bank comments not a signal of new rules -White House

WASHINGTON, July 3 Thu Jul 3, 2014 1:12pm EDT

WASHINGTON, July 3 (Reuters) - President Barack Obama's recent comments on the need for more bank regulation were intended to underscore the need to keep close watch over market risks rather than to signal a new policy initiative, a White House spokesman said on Thursday.

"He wasn't referring to any specific regulation or law that he had in mind but rather the need to continue to vigilantly monitor financial markets to assess risks that may be emerging and to ensure that the necessary regulatory protections are in place, again, to ensure the stability of the financial markets," White House spokesman Josh Earnest told reporters at a briefing. (Reporting by Mark Felsenthal; Editing by Eric Beech)