Markets not "safe" until reforms passed: U.S. Treasury

WASHINGTON Mon Sep 14, 2009 3:26pm EDT

WASHINGTON (Reuters) - The U.S. financial system is in far better shape than it was even three months ago, but won't be completely "safe" until Congress approves regulatory reform aimed at preventing future crises, a senior U.S. Treasury official said on Monday.

Lee Sachs, counselor to Treasury Secretary Timothy Geithner, said markets "are a lot better than they were even three or four months ago."

"I don't think we're safe until we get the right set of rules of there to reduce the possibility of a repeat," of the crisis, Sachs told a conference on the one-year anniversary of Lehman Brothers' failure.

(Reporting by David Lawder)

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