By Erik Wasson - 12/05/13 08:03 AM EST
Treasury Secretary Jack Lew will tout the Dodd-Frank financial reform law in a broad policy speech in Washington on Thursday, and will call for international reforms to prevent banks from leveraging one nation's financial system against others.
Lew's prepared remarks say that the new Volcker rule being unveiled next week will be tough, but it is not possible to say the U.S. has reached the point where it has prevented "too big to fail" banks.
“Earlier this year, I said if we could not with a straight face say we ended ‘too big to fail,’ we would have to look at other options,” he says. “Based on the totality of reforms we are putting in place, I believe we will meet that test, but to be clear, there is no precise point at which you can prove with certainty that we have done enough.”