Jack Lew: Delaying Dodd-Frank Rules Raises Threat Of Bailouts (Congress, cost, financial)

[Goodnight]

Three years later and the rules are still not in place, I think congress has become complacent by the stock market run up.

WASHINGTON — U.S. Treasury Secretary Jacob Lew says any efforts to delay the
writing of rules to put the 2010 financial overhaul law into effect could leave
big banks in a position to threaten the financial system's stability.


Lew said that means policymakers may have to consider new approaches. His
comments came Wednesday at a conference organized by the cable TV network
CNBC.


In his address to the conference, Lew stressed that the legislation provided
strong safeguards for consumers and investors, and, at least on paper, ended the
idea that any financial firm is too big not to be rescued by the government.
"Banking will always involve some degree of risk-taking, and the goal is not to
eliminate all risk in banking," he said. "But now if a financial firm fails,
taxpayers will not have to bear the cost of that failure."

Jack Lew: Delaying Dodd-Frank Rules Raises Threat Of Bailouts