On the heels of the enactment of the Wall Street Reform and Consumer Protection Act, the University of Pennsylvania’s Wharton School hosted the Treasury Deputy Secretary Neal S. Wolin, one of the Administration’s key architects of financial reform, who spoke to students, faculty and business leaders. Deputy Secretary Wolin delivered remarks on the path forward for the implementation of these historic reforms and engaged in a question and answer dialogue with the audience.
Remarking on the financial reform implementation process, Mr. Wolin stated: “Our work involves writing new rules in some of the most complex areas of modern finance. It involves consolidating authority now spread across multiple agencies. It involves setting up new institutions for coordination, crisis management, consumer protection, and for identifying systemic risks. It involves negotiations with countries around the world.”
Mr. Wolin then emphasized the next steps for implementing reform:
• Strengthening consumer protection
• Reforming the GSEs and our broader housing finance system
• Implementing the reforms of the derivatives market
• Establishing new rules on capital to constrain excessive risk taking and leverage in the largest global financial institutions
View video of Mr. Wolin’s speech at Wharton:
Additional coverage of the event:
• Photographs on Wharton’s Flickr page
• “Official touts reforms for U.S. finance,” The Philadelphia Inquirer, August 6, 2010