Treasury Secretary Tim Geithner took to the pages of The Wall Street Journal Wednesday to defend the controversial Dodd-Frank financial reform bill, urging President Barack Obama to veto any changes to the legislation introduced by Congress.In the op-ed, Geithner heralds the progress made since the reform package passed one year ago.
“For the first time, we have the ability to extend these types of limits on risk-taking to firms that may not call themselves banks but could still pose catastrophic risk to the economy were they to fail,” he wrote.
Saying many Republicans seek to undo the bill’s reforms, he said Democrats and the administration have no intention on retreating from their support of Dodd-Frank.
“Too many Americans are still suffering from the pain of the financial crisis,” he wrote. “We owe them a financial system with better protections against abuse and catastrophic risk. As secretary of the Treasury, I will recommend that the president veto any legislation passed by Congress that would undermine these vital financial protections.”
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