Govt. will move quickly on new financial rules, Geithner says
By Brady Dennis
NEW YORK -- Treasury Secretary Timothy F. Geithner said on Monday that the government would move "as quickly as possible" to put new regulations in place but would not "simply layer new rules on top of old, outdated ones."
Geithner said that the administration's push to overhaul the financial regulatory system was "an obligation, never a choice." At the same time, he said, "the reforms that are now the law of the land will help us rebuild a pro-growth, pro-investment financial system."
Geithner, who made the remarks during a speech at New York University, also urged executives to be proactive in improving their business practices.
"For the financial industry, your core challenge is to restore the trust and confidence of the American people and your customers and investors around the world," he said. "Don't wait for Washington to draft every rule before you start changing how you do business. ... Find new ways to improve disclosure for your consumers.
"End hidden fees. Don't push people into loans they can't afford. Demonstrate to your business customers -- small and large -- that, after running for cover during the peak of the crisis, you are ready and willing to take a chance on them again," Geithner said. "Change how you pay your executives so you are not rewarding them for taking risks that could threaten the stability of the financial system."
Geithner also met earlier Monday with New York Mayor Michael Bloomberg.
August 2, 2010; 4:34 PM ET
Categories: Budget and fiscal policy , Financial regulation , U.S. Economy
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