While candidates to be the Republican nominee for president in the upcoming election have railed against the financial reforms passed in the last few years, U.S. Secretary of the Treasury Timothy Geithner recently came out in support of the legislation.
In a statement, Geithner said that lawmakers who want to reverse reforms, or otherwise work to weaken them, will only create additional uncertainty in credit markets that could be damaging to both consumers and financial institutions alike. In particular, he noted that since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, lawmakers are still writing new rules and regulations under that framework, and thus repealing the law would cause a number of problems.
Going forward, Geithner said he expects that non-bank financial institutions will come under more regulation in the coming year, and more could be done to add protection for consumer trading.
Consumers can also add to their own protection by regularly checking their credit report. If that document contains unfair or inaccurate listings, working with a credit repair law firm can help to clear up those problems.