Sheila Bair, chairwoman of the Federal Deposit Insurance Corp., said the Dodd-Frank Act provides a framework for managing the financial system, but tough moves must be made to get the system back on track. "It is time to move forward, not back," she said. "It is now up to us to ensure that the new law is implemented strongly and fairly." Bair also discussed issues plaguing the housing market. "The lack of sensible, consistent mortgage-lending standards and consumer protections in the run-up to the crisis ended up destabilizing housing markets and the entire financial system," she said.