US treasury secretary Tim Geithner and Larry Summers, director of the National Economic Council, have promised to unveil a comprehensive plan to “modernise financial regulation and supervision” within days.
Geithner and Summers, writing in the Washington Post, said that after months of discussions with, “Congress, regulators, business and consumer groups, academics and experts”, the Obama administration will announce its plan to “create a more stable regulatory regime that is flexible and effective; that is able to secure the benefits of financial innovation while guarding the system against its...