The U.S. Treasury is prepared to move swiftly to implement the financial reform bill after its enactment and is looking ahead toward revamping the U.S. housing finance system, the Treasury's second-highest official said on Thursday.

Deputy Treasury Secretary Neal Wolin said in remarks prepared for delivery to a securities conference that Treasury would put forward a paper outlining proposals and recommendations to reform Fannie Mae and Freddie Mac, the housing finance providers now under government control.

"It is obvious that the housing finance system cannot continue to operate as it has in the past. We have already begun a broad review of the housing finance system," Wolin told the Securities Industry and Financial Markets Association (SIFMA) conference in New York.

"Our objective is comprehensive and effective reform — reform that delivers a more stable housing market with more effective regulation, and with less risk borne by the American taxpayer," he said. A copy of his remarks was made available in Washington.

Wolin said Treasury has already begun a "rigorous" implementation planning process for the sweeping financial reform legislation now under consideration by the U.S. Senate and wants to move swiftly on implementation once it becomes law.

"That work cannot be done overnight. It will take time. But we are prepared to move on to the next stage with speed, with a strong sense of purpose and with a commitment to ensuring that our financial system is both safe and vibrant," Wolin said.

The U.S. Senate is expected to take a final vote on the legislation later on Thursday or early Friday.