Geithner: Reform will stop the fires burning again
US Treasury secretary Tim Geithner has hailed the Dodd-Frank bill as “the strongest financial reforms this country has considered since the Great Depression”, and a fulfilment of President Obama’s pledge for comprehensive reform.
“Today, the members of Congress who voted for reform stood with the millions of Americans who lost their jobs, their homes, their businesses, and their savings as a result of this crisis.
“Chairmen Dodd and Frank showed great leadership,” he said. “Chairwoman Lincoln and chairman Peterson also played valuable and decisive roles, bringing transparency and enforcement to our derivatives markets.”
“The message of this bill is clear,” he concluded. “Banks – not the taxpayers – will pay for future bank failures and consumers will be protected.”
CFTC Commissioner Bart Chilton embraces bill, calls it “monumental challenge”...