U.S. Treasury's Miller Warns Against Dodd-Frank Repeal

Mary Miller, U.S. Treasury undersecretary for domestic finance, said efforts to repeal the Dodd-Frank law will hamper growth and urged international regulators to enhance the stability of the global banking system.

Repeal of the 2010 Dodd-Frank regulatory act in “whole or piecemeal” will hamper growth, Miller said in the text of remarks to a Senate Banking Committee hearing today. “We cannot afford to succumb to complacency now as the financial markets and economy slowly continue to recovery.”

Miller, along with officials from agencies including the Federal Reserve and the Federal Deposit Insurance Corp., are scheduled to appear before the committee at a hearing on implementation of the Dodd-Frank act.

“As the global economy heals from the devastation of the crisis, urgency for reform may wane,” Miller said. “Progress remains uneven internationally, and significant work remains.”

To contact the reporter on this story: Meera Louis in Washington at mlouis1@bloomberg.net;

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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