With the approaching of the second anniversary of the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act, U.S. Treasury Secretary Timothy Geithner underscored Wednesday that the United States needs to implement an across-the-board financial reform to cope with new industry risk.

The financial crisis that took hold in 2007 and 2008 caused devastating damage to the American and global economies. The U.S. has made a lot of progress in repairing the damage, but is still living with the economic costs of the crisis, Geithner said at a meeting of the U.S. Financial Stability Oversight Council (FSOC).

This Saturday marked the second anniversary of the Dodd-Frank Act signed into law by U.S. President Barack Obama.

"We needed comprehensive reform with a new set of tools and tougher safeguards. And that is what these financial reforms provide," noted Geithner, adding that risk has built up where it was harder to see and where regulators did not have the tools to contain it.

Members of the FSOC have made "a great deal of progress in building a safer system" including forcing banks to raise more than 400 billion U.S. dollars in capital buffers, and 93 percent of the rules related to the Dodd-Frank Act with deadlines before July 2 of this year have been finalized or proposed by various federal regulators, said Geithner, chairman of the FSOC.

"These are complex reforms, because our financial system is complex," Geithner said, adding the reform was not done and "we still have unfinished business."

"We still have work to do to provide the enforcement agencies with the resources they need to do their jobs," said Geithner, noting that the country needed stronger protections for customer accounts in a range of different types of financial institutions.

The FSOC, created by the Dodd-Frank Act and composed of Geithner and other top financial regulators, is designated to determine the criteria of whether a financial institution is systemically important and coordinate federal regulators' supervision efforts.