U.S. Treasury Secretary Jack Lew spoke with Brendan Greeley on Bloomberg TV’s new flagship morning program, Bloomberg . Lew discussed how government can address the lack of access to banking in the United States, financial services’ rules and regulations and the benefits of Dodd-Frank.
On the IMF elevated the Chinese yuan, Lew said:
“The U.S. dollar remains the reserve currency of the world for a good reason.” He added: “We’ve also had long, ongoing discussions with China about their currency practices. They have made commitments to us that will not intervene in ways that are unfair. And those are important commitments. And they know that we’re going to hold them to those commitments.”
On Dodd-Frank, Lew said:
“As a result of the implementation of Dodd-Frank, we have a system that is safer and sounder.” He noted: “One of the things about Dodd-Frank is it’s not one-size-fits-all. Our regulators have a lot of tools to target what they do, how they do their business, so that it is tiered in terms of applying standards that are appropriate by size of institution.”