Geithner: Financial reform must shield consumers

[Joanne98]

Source: Reuters

(Reuters) - Treasury Secretary Timothy Geithner on Monday will reaffirm the Obama administration's demands for a financial reform bill that provides strong protections for consumers and strong constraints on risk taking by big financial firms.

In excerpts of his prepared remarks before the American Enterprise Institute, a conservative-leaning Washington think tank, Geithner said failure to pass a meaningful reform bill would mean American firms would face a more "balkanized" global financial system with higher costs and higher risk, and the United States would no longer set global standards.

"The test we face is whether we enact real reforms that provide strong protection for consumers, strong constraints on risk-taking by large institutions, and strong tools to protect the economy and taxpayers from future crises. We will not accept a bill that does not meet that test."

Geithner is due to make his speech later on Monday, shortly before the Senate Banking Committee is due to convene for a vote on the new rules for the financial sector.


Read more: http://www.reuters.com/article/idUSTRE62L3RD20100322

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Okay the celebration is over already. We need to pivet to getting this bill passed. The Republicans have already dumped 400 amendments on it. Half from Shelby alone.

Just like HCR the bill doesn't have everything we wanted. The consumer protection agency got put in the fed. BUT there are three empty seats on the board and Obama gets to pick the new members. That helps.

Don't let this momentum die. If we keep winning battles we will roll into November strong and kicking teabag butt.

[HeresyLives]

1. Yeah, another major biggie, and one sure

to produce a lot of screaming and hysterics.