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Treasury’s Wolin Says Regulators Choosing ‘Quality Over Speed’

July 20 (Bloomberg) -- U.S. Deputy Treasury Secretary Neal Wolin said regulators will pick “quality over speed” when completing rules stemming from the Dodd-Frank financial overhaul law.

“We must continue to move forward quickly, but carefully, to implement the law,” Wolin said in testimony prepared for a hearing tomorrow before the Senate Banking Committee. “We will continue to prioritize quality over speed, and we will take the time we need to get it right.” The hearing coincides with the one-year anniversary of Dodd-Frank.

“We do not have to choose between stability and growth,” Wolin said. The U.S. will “continue to promote international consistency” in areas including over-the-counter derivatives, and liquidity, leverage and capital at financial institutions, he said.

Small banks “should not have to comply with the same set of rules as a large financial firm,” he said. “We will continue to avoid a one-size-fits-all approach.”

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net; Phil Mattingly in Washington at pmattingly@bloomberg.net

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

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