Treasury Official Says Wall Street Reform Key To Economic Stability

By Vanessa Remmers

Richard Berner, Counselor to Treasury Secretary Timothy Geithner, gave an update as to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act on Monday, nearly a year after the reform bill became law.

Berner said that due to the law’s emphasis on information gathering and its dissemination into the right hands, it will help to prevent economic shocks from occuring in the future.

“Ultimately, we want to make the data we have widely available to a variety of constituents…so that we can develop risk monitoring tools and have a much more transparent financial system,” he said.

Berner named four partnerships critical for the Office of Financial Research to maintain in order for its research to succeed: financial institutions, market data vendors, the CCP and other market data repositories, and global regulatory communities. 

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