Treasury's Lew says committed to ending too big to fail

NEW YORK Wed Jul 17, 2013 9:09am EDT

1 of 2. U.S. Treasury Secretary Jack Lew testifies before a Senate Banking hearing on 'The Financial Stability Oversight Council Annual Report to Congress.' on Capitol Hill in Washington May 21, 2013.

Credit: Reuters/Kevin Lamarque

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NEW YORK (Reuters) - U.S. Treasury Secretary Jack Lew said on Wednesday that the United States is committed to ending a policy of "too big to fail" where large institutions receive considerable government assistance if they get into trouble.

At the CNBC Institutional Investor Delivering Alpha Conference, Lew also said the deadline for the U.S. debt limit is artificial and urged Congress to do its job and pay its bill.

At a time when the country is grappling with tax reform, the Treasury secretary said "tax reform would be a good thing."

(Reporting By Svea Herbst-Bayliss; Editing by Chizu Nomiyama)

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Comments (5)
QuietThinker wrote:
How many times do we need to repeat the obvious? Reinstate Glass-Steagall. It worked, and very well, for decades. It’s repeal was a key factor leading up to the Great Recession. Without it, the megabanks continue to speculate/gamble with Other People’s Money instead of making economically useful loans to help grow the economy.

Jul 17, 2013 9:22am EDT  --  Report as abuse
tmc wrote:
Who? Lew? Really? I don’t think he scares the banksters even a little.

Jul 17, 2013 10:44am EDT  --  Report as abuse
Speaker2 wrote:
Congress is bought and paid for by the bank and wall-street. Not going to happen.

Jul 17, 2013 11:10am EDT  --  Report as abuse
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