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Wolin Defends Dodd-Frank Implementation

Posted on 4/20/2011

Federal regulators are moving quickly but also carefully to implement the Dodd-Frank Act, Deputy Treasury Secretary Neal Wolin said yesterday at the Pew Charitable Trusts in Washington, D.C. "Although there may be reasonable debate about the substance of Dodd-Frank implementation work, there is no question that regulators have been implementing the statute in a careful, considered and serious manner," said Wolin, who rebutted critics who have questioned the pace, scope and cost of the implementation.

He also said that the Consumer Financial Protection Agency will not stifle consumer choice and innovation, as some critics have suggested. "The CFPB's job is to deter deceptive and abusive practices, promote clear disclosure, and help consumers get the information they need," Wolin said. "With that information, consumers will have real choice. They will be able to understand what products and services are best for them and to make fully informed financial decisions."

He said that as consumers begin to make more-informed financial decisions, the bar will be raised on the products and services providers offer. "More empowered consumers will motivate the financial sector to offer new and better options. Rather than stifling innovation, the CFPB will catalyze it," Wolin said. Read Wolin's speech.

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