Gone are the days of the financial crisis, but Chairman of the Federal Deposit Insurance Corp. Sheila Bair said there are specific aspects of the industry that need improvement before the financial system can again be called stable. Furthermore, Bair said new financial regulations under Dodd-Frank can serve as a cornerstone to maintaining economic integrity. Bair spoke Friday at the Hyman P. Minsky Conference in New York. Minsky was an American economist known for dissecting financial crises. "I thought it would be useful to frame this discussion in the context of Hyman Minsky's important contributions to the literature on financial instability," Bair began. "Without a doubt, we now have a clear answer to Minsky's central question: "Can it happen again?" It can – and it very nearly did. But can we really prevent it from happening again?" Bair outlined six things she believes need to be revamped before the financial industry and gain stable footing. The FDIC chairman also said much needed reforms are now being implemented, but there is still on going debate on how they should be implemented. She encouraged her audience not to lose focus on the end goal coming from systematic reformation, but welcome the reforms as they come along. "I am not going to stand before you and claim that the inherent instability of financial markets can be regulated out of existence," Bair said. "What I will say is that the Dodd-Frank reforms can – if properly implemented – restore market discipline, better align incentives, improve regulation, and greatly reduce the frequency and severity of future crises. This we must do." Write to Christine Ricciardi. Follow her on Twitter @HWnewbiCR.