April 18, 2010
A White House plan to reform regulation of the financial sector has already attracted Republican opposition, but US Treasury Secretary Timothy Geithner is “very confident” the overhaul will pass.
“I am very confident that we’re going to have the votes for a strong package of financial reforms that’ll bring derivative markets out of the dark, help protect the taxpayers from having to fund future bailouts,” he told NBC News’ “Meet the Press” in an interview to air Sunday.
President Barack Obama has made legislation introducing new oversight of the financial system his next big priority, and has pledged to veto any bill that does not include new regulation of derivatives.
But Republicans have already signaled opposition to the overhaul and a Democratic reform bill that passed out of the Senate Banking Committee failed to a attract a single Republican vote.
This article was posted: Sunday, April 18, 2010 at 4:40 am