Geithner pledges quick action on new financial law with goal of simplification for consumers
By Martin Crutsinger, APMonday, August 2, 2010
Geithner pledges quick action on new financial law
NEW YORK — Treasury Secretary Timothy Geithner is pledging to move with speed to implement the biggest overhaul of the financial system since the Great Depression. He says that a top priority will be simplifying the complicated forms that consumers have to fill out to get credit cards, auto loans and mortgages.
Geithner says the administration plans to move as quickly as possible to write the rules needed to implement the massive financial overhaul that Congress passed and the president signed into law last month.
Geithner’s comments came in a speech to Wall Street executives and students at New York University’s Stern School of Business. The speech was the opening salvo in what the administration says will be an extensive outreach effort to educate the public about the new law.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
WASHINGTON (AP) — Treasury Secretary Timothy Geithner says the Obama administration will move quickly to implement new financial regulations while eliminating those that are outdated.
Geithner says the administration has no desire to simply layer new rules on top of those in place that are not working.
Geithner’s comments came in excerpts Treasury released in advance of a speech he is scheduled to deliver Monday afternoon at New York University. The address will launch an effort by Treasury officials to explain how the administration will be implementing the overhaul bill that President Barack Obama signed into law on July 21.
