Reuters: Regulatory News: US Treasury-price of stability is eternal vigilance

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US Treasury-price of stability is eternal vigilance Apr 12th 2012, 20:29 WASHINGTON, April 12 | Thu Apr 12, 2012 4:29pm EDT WASHINGTON, April 12 (Reuters) - Regulatory authorities have made substantial progress restoring trust in the nation's financial system but will have to stay on their toes to make sure it remains sound, a senior U.S. Treasury Department official said on Thursday. "Constant vigilance is needed, which is why the Dodd-Frank Act conceives of a forward-looking, dynamic approach to monitoring risk and maintaining financial stability," Treasury's assistant secretary for financial institutions, Cyrus Amir-Mokkri, told a conference at the Ford Foundation in New York. A text of his remarks was issued in advance in Washington. Amir-Mokkri said the 2007-2009 financial crisis had exposed weaknesses in regulation and showed how the failure of a significant firm can wreak havoc on confidence. The Dodd-Frank regulatory overhaul goes a long way toward tightening rules that will, among other things, better regulate banks and allow for orderly liquidations if necessary, he said.

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