U.S. Treasury Secretary Timothy Geithner said on Thursday that, beginning this year, his office plans to release the names of non-bank institutions whose non-adherence to regulations poses a threat to the U.S. financial system.
“Those who are working to slow the pace of reform will only increase uncertainty, and they will damage our efforts to try to get the rest of the world to adopt a level playing field,” Geithner said, according to the San Francisco Chronicle.
Geithner praised regulators, saying that they are making “considerable progress in implementing reform” of the Dodd-Frank Act. Since the enactment of the legislation in 2010, the bill has taken fire from congressional Republicans and presidential hopefuls.
“We have forced a necessary and fundamental restructuring of the financial system,” Geithner said, the San Francisco Chronicle reports. “But, even with these changes, and even with the remaining damage caused by the financial crisis, our financial system is once again helping support economic growth by meeting the growing demand for credit and capital at lower cost.”
Critics of Dodd-Frank contend that the new regulations put unnecessary capital burdens on banks. Democrats, however, argue that the additional oversight is necessary in light of the 2008 financial collapse.