This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Geithner Sounds Off on Reform

WASHINGTON, D.C. ( TheStreet) -- Treasury Secretary Timothy Geithner is speaking Thursday on Capitol Hill about his view for regulatory reform of the financial system, telling a Congressional committee he believes a comprehensive overhaul of the current system is "essential."

A prepared statement released prior to the appearance before the Joint Economic Committee begins with a brief recounting of progress made to this point in dealing with the financial crisis. Geithner then lists some of the faults of the system that he feels contributed to the turmoil and states: "And unfortunately the regulatory regime that failed so terribly leading up to the financial crisis is precisely the regulatory regime we have today. That is why recovery alone is not enough."

In his statement, Geithner talks about four key principles he feels should be kept in mind when crafting regulation to the reform the financial system, saying that firms must not be able "to escape or avoid regulation by choosing one legal form over another," that clear regulatory accountability must be established, that the system as a whole must be "more capable of absorbing shocks and coping with failures," and that no institution should be considered "Too Big To Fail."

The remarks elaborate on Geithner's thoughts about the proposal put forth earlier this month by Sen. Christopher Dodd, a Democrat from Connecticut who chairs the Senate Banking Committee. Geithner said he's working closely with Dodd and Rep. Barney Frank, a Democrat from Massachusetts, the chairman of the House Committee on Financial Services, on financial reform legislation.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AIG $55.82 -0.02%
BAC $14.56 -1.56%
C $46.28 -0.96%
GS $164.11 -0.11%
JPM $63.20 -0.63%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs