U.S. financial reform far from done: senior official

14:21, October 26, 2010      

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The undergoing U.S. financial reform still has a long way to go and the nation has just begun the difficult and complex process of the implementation, Neal S. Wolin, U.S. Deputy Treasury Secretary, said on Monday.

He noted that the Dodd-Frank Act addresses the core problems that led to this crisis, as it builds a stronger financial system by addressing major weaknesses in regulation and puts in place buffers to reduce the chance that another generation will have to go through a crisis of similar magnitude.

"But the work is far from done. Enacting this law was just the beginning," Wolin said here in a Monday speech at Georgetown University.

"The financial crisis was caused not by one gap or breakdown in our system, but by many. Loopholes allowed large parts of the financial industry to operate without oversight, transparency, or restraint," he added.

U.S. President Barack Obama this July signed the massive financial regulatory reform act into law to better monitor and respond to risks across the financial system.

Source: Xinhua


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