Speaking to a group at New York University Monday, Treasury Secretary Timothy Geithner urged banks, mortgage lenders and other financial institutions to get a head start in preparing for the changes that will come as a result of the Dodd-Frank Act.
According to Market Watch, he said:
Don't wait for Washington to draft every rule before you start changing how you do business. Get out ahead of the process and out in front of your competitors.
While acknowledging the "glacial" pace at which rules are usually made, Geithner also indicated that pace will have to change since the new law calls for 243 different rules. The administration will "move as quickly as possible" on the changes, he said.
Fannie Mae and Freddie Mac are due for restructuring as well, but Geithner wouldn't specify when those plans could be expected. He noted only that the agency was required to have something ready by the end of the year.