WASHINGTON (Margaret Chadbourn) - The law overhauling the financial system should continue to protect the economy in the future despite any challenges it's faced in its first year of existence, a top Treasury official said on Wednesday.
"Scaling back or repealing major parts of the Dodd-Frank Act or not providing regulators with the funds they need to implement the Act will leave our economy exposed to a cycle of collapses and crises," Treasury Assistant Secretary for Financial Markets Mary Miller said in prepared remarks for delivery to a securities trade organization.
Miller is speaking to mark the one-year anniversary of the passage of the Wall Street reform bill, known as the Dodd-Frank Act.
"We are committed to implementing effective reform that encourages stability, which is necessary to restore investor confidence in our markets," according to remarks Miller is due to make to the Securities Industry and Financial Markets Association's Regulatory Reform Summit.
Debate continues on Capitol Hill over the final shape of Dodd-Frank as regulators continue to implement hundreds of new rules required by the law that oversee the financial system.
The law, signed by President Barack Obama on July 21, 2010, has been sharply criticized by Republicans who have pushed for repeal provisions in the U.S. House of Representatives.
(Editing by James Dalgleish)
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