Although saddled with the political backlash of the IRS non-profit scandal, Treasury Secretary Lew made his first Congressional appearance as Treasury Secretary to present FSOC’s Annual Report to the Senate’s Banking Committee.

He reported good progress in the implementation of the Dodd/Frank Act. And, while generally supported by the Senators, he also hear a strong suggestion that the regulatory agencies finish the task. As FSOC’s Chair, he promised to do all he could to finish the regulatory process particularly as it relates to cross-border and Volcker Rule regulations.

A number of Senators urged him to take a position of the Brown-Vitter bill dealing with the Too-Big-to-Fail issue. Secretary Lew said he strongly wanted to end the Too-Big-To-Fail concept he said it was too early in the Dodd/Frank implementation phase to be thinking of making major changes to the financial regulatory scheme.