Obama treasury secretary: Financial risks ‘substantial’

Jack Lew, former US treasury secretary and an adviser to President Barack Obama during the financial crisis in 2008, has told that the world remains at risk from financial threats.

He says loosening regulation would not be a good idea: “We should not disarm at a moment when we’re out of the last financial crisis, but still in a world with substantial financial risks.

But he says no to tighter rules.

“I don’t personally believe we should do more than we need to.”

Looking back on the unfolding financial crisis, he told that the bad news had kept on escalating.

“I have never seen a situation where every single day the numbers were so much worse than the day before that you literally had to keep revisiting how much fiscal stimulus the economy would need in order to stimulate a recovery,” he said.

He said action taken then, both in supporting the financial system and tightening up regulation, had borne fruit: “What our reforms of Wall Street after the crisis did was, for the first time since Great Depression, give us the tools to safeguard the evolving financial system.”



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