U.S. Deputy Treasury Secretary Neal Wolin said there’s no evidence that the Dodd-Frank financial overhaul law has had any “negative effect” on the financial system.
Wolin, in an interview with CNBC today, also said the costs of implementing Dodd-Frank are a “pittance” compared with the costs the country had to endure during the financial crisis.
“I think that there is no evidence frankly that the Dodd- Frank legislation or the bits and pieces that are being implemented as we go forward have had any negative effect on our financial system,” Wolin said. “People are having their ability to express their perspectives and those perspectives will be factored in.”
“We should be attentive to the costs of compliance,” Wolin said. “The real question to ask is ‘what are the costs relative to not having these reforms?'''
To contact the reporter on this story: Ian Katz in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Christopher Wellisz at email@example.com