Mary Miller, the U.S. Treasury Department's assistant secretaryfor financial markets, warned today against curtailing theDodd-Frank law.

“Scaling back or repealing major parts of the Dodd-Frank Act, ornot providing regulators with the funds they need to implement theact, will leave our economy exposed to a cycle of collapses andcrises, with potentially devastating repercussions,” Miller said inremarks prepared for a speech in New York today.

Miller was speaking at a conference held by the SecuritiesIndustry and Financial Markets Association, Wall Street's biggestlobbying group, to mark the one-year anniversary of Dodd-Frank,which was signed into law on July 21, 2010.

House Republicans, swept into power in the November 2010elections, are pushing bills to revise, delay or repeal parts ofthe law affecting areas including the Consumer Financial ProtectionBureau, derivatives rules and registration requirements forprivate-equity advisers. Regulators are still working to writehundreds of rules mandated by the law.

“We can't allow loopholes, gaps and weaknesses to undermine thefundamental strength of our reform,” Miller said. “The leaders ofthe major U.S. financial institutions should be champions, notopponents, of ensuring that regulators have sufficient resources toachieve their objectives.”

It's essential that regulators “have the critical resourcesnecessary to do their jobs effectively,” Miller said. “If resourcesare not adequate, we simply will not be able to bring the care andjudgment to the process that will allow the new rules to work.”

Miller was nominated by President Barack Obama on July 1 to bepromoted to Treasury undersecretary for domestic finance.

Bloomberg News

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.