Geithner says most important Dodd-Frank rules to be in place by year’s end

Timothy GeithnerU.S. Treasury Secretary Timothy Geithner defended recent Obama bank reforms and regulations on Wednesday, adding that the most important financial rules of the Dodd-Frank will be in place by the end of the year.

"I know that people are concerned that they will be too tough. I don't think there is much risk of this. I think there is no evidence of that," Geithner told the Charlotte Chamber of Commerce, reports.

Geithner responded to questions about the government's recent reforms, stating that the new regulations were "tough where they need to be tough."

The Dodd-Frank regulations aim to prevent a repeat of 2008's financial downfall by prohibiting banks and other institutions from making risky, speculative investments.

Geithner referred to the recent financial collapse of 2008, noting the financial losses experienced by millions of Americans.

"Look at the damage caused to the innocent," Geithner said, according to "We are making a huge amount of progress in building a stronger, safer financial system."

While the economy is on the mend, Geithner said that there are still tremendous challenges ahead.

He briefly touched on the European financial meltdown, stating that leaders are making progress, though the issue has a huge impact on the U.S., according to NASDAQ.

As the previous head of the New York Federal Reserve, Geithner acted as a consultant to the Bush administration during the beginning of the financial crisis.

Geithner said in a recent Bloomberg interview that he does not expect to serve as treasury secretary in Obama's second term.

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