WASHINGTON (Reuters)-the law review of the financial system should continue to protect the economy in the future, despite all the challenges it is in its first year of existence, a top Treasury official said on Wednesday.
"Scaling back or cancellation of much of the Dodd-Frank Act or do not provide supervisory authorities with the resources they need to implement the law will make our economy is exposed to a bicycle collapses and crises," said Deputy Finance minister for financial markets Mary Miller in prepared remarks for delivery to a securities within the World Trade Organisation.
Miller speaks to mark the one year-årsjubileum passage of Wall Street reform bill, known as Dodd-Frank Act.
"We are working for the implementation of effective reforms that promote stability, which are necessary to restore investor confidence in our markets," according to remarks Miller will do for the securities industry and financial markets Association's regulatory reform Summit.
Debate continues on Capitol Hill over the Dodd-Frank final shape as regulators continue to implement hundreds of new rules required by the law and to monitor the financial system.
The law, President Barack Obama signed on 21 July 2010 has been criticized heavily by the Republicans who have pushed for repeal provisions of the u.s. House of representatives.
(Reporting by Margaret Chadbourn; Editing James Dalgleish)
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