04/20/2011 - At an event attended by nearly 100 people in Pew’s Washington, D.C. office, Deputy Treasury Secretary Neal Wolin urged the continued implementation of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law last July.
Wolin remarked that in order to again make the U.S. financial system the world’s “strongest, most dynamic and most productive…we must move forward with implementing this law.”
He acknowledged that there are critics of the legislation, but added that those “who are charged with implementing reform have not forgotten why we needed reform. We needed reform because ultimately, a fragile system benefits no one. We needed reform because we can’t afford another crisis. And we needed reform so that all Americans can share in prosperity.”
Pew’s Financial Reform Project, which hosted the event, was formed in response to the financial crisis and brings a nonpartisan, fact-based approach to reforming and modernizing the financial sector. After encouraging the passage of Dodd-Frank, the project was tasked with ensuring that Congress and the regulators act with discipline and focus to implement and provide oversight of various aspects of the law.