The Obama administration ramped up its defense Tuesday of a sweeping financial overhaul law that has come under attack by Wall Street lobbyists and some lawmakers, saying the pace of reform is appropriate given the complexity of the changes.
Neal Wolin, the Treasury Department’s deputy secretary, said critics who initially pushed the administration to act quickly in clarifying how the Dodd-Frank legislation would be put in place are now doing an about-face.
“Recently, some of the very same critics, those who previously demanded clarity as quickly as possible are saying that we’re moving too quickly,” Wolin said in a speech at the Pew Charitable Trusts.
Wolin went on to defend the role of the Consumer Financial Protection Bureau. The bureau will not stifle consumer choice as critics have suggested, nor will it interfere with the role of regulators, he said.
“Real choice is about having the information to make the right decisions,” Wolin said. “The CFPB’s job is to deter deceptive and abusive practices, promote clear disclosure and help consumers get the information they need. With that information, consumers will have real choice.”
Wolin also dismissed as unfounded the critics’ contention that the changes mandated by the overhaul measure are uncoordinated. While the independent agencies have different views on complicated issues, “working through differences is an important part of getting the substance right,” he said.