File - In this July 26, 2012, file photo, Treasury Secretary Timothy Geithner testifies on Capitol Hill in Washington, before the Senate Banking Committee. (AP Photo/Haraz N. Ghanbari, File)
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Key former U.S. officials worry lessons not learned from 2008 financial crisisThree officials who played vital roles in combating the 2008 financial crisis have said they worry the painful lessons from the banking system's near collapse a decade ago may be forgotten.Paulson, who was at the Treasury's helm when the crisis erupted in the fall of 2008, and Timothy Geithner, who succeeded him in 2009, joined Ben Bernanke, the former Federal Reserve chairman, at a roundtable discussion last week in advance of the 10th anniversary of the crisis.On Sept. 11, former officials from the Fed, the Treasury and other agencies will meet at the Brookings Institution in Washington to discuss what worked, what didn't, and what should be done to prepare for the next crisis.Since U.S. President Donald Trump took office, momentum has grown within the administration and among Congress' Republican leaders to reverse parts of the Dodd-Frank financial overhaul law, which Congress passed in 2010 to tighten regulatory loopholes revealed by the crisis.The 2008 crisis deepened a recession that had begun in late 2007 and turned it into the worst downturn since the 1930s, with 8.7 million people thrown out of work.
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