Geithner defends Frank-Dodd in the face of criticism from Republicans

Responding to Republican presidential candidates' call for a repeal of the 2010 Dodd-Frank financial overhaul law, Treasury secretary Timothy F Geithner  told voters to remember the pain.of the 2008-09, which had reduced Americans to live with: "very high unemployment," with millions having lost their homes, and the US economy badly damaged because of the failures that caused this crisis in the financial system.

"And if you want to go back to that," he said, "if you want to choose that future, then you should be in favour of the repeal of the law."

He said thanks to the law, the financial system had become "stronger and safer" even though a few key provisions, including the Volcker Rule restriction on banks trading with their own money, are still under implementation by regulators.

As head of the Financial Stability Oversight Council, a  regulatory body created to monitor the financial system for signs of problems, Geithner said the Dodd-Frank law had facilitated economic recovery.

Regulators this year would designate the large financial firms outside the banking system that would face tougher oversight scrutiny over their potential for posing a risk to the financial system if they failed, he said.

Under the new provisions, banks holding assets more than $50 billion are automatically deemed risky to the financial system in the event of their failure. FSOC would designate non-bank financial companies.