Word: geithner
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...Numbers alone do not capture the sense that the balance of global economic power is shifting eastward. There have been several moments that seemed to crystallize the zeitgeist, none more memorable than U.S. Treasury Secretary Timothy Geithner's speech in June before the best and the brightest at Peking University, the Harvard of China. Not long ago, students there would have been the most respectful and polite of audiences. Yet when Geithner tried to reassure one questioner that China's investments in U.S. government debt were "very safe," the response was perhaps an indication of the onset...
...taxpayer-funded bailout like TARP to be the answer every time there's a crisis. And it may be the best opportunity Shelby has in the remainder of his career to get a major piece of legislation written. All players expect the Senate version to be dramatically different from Geithner's proposal, possibly including a single regulator rather than the Treasury Secretary's preferred trio...
Regulatory reform has been a relatively low-profile issue for the Administration, compared with health care, the stimulus bill and cap-and-trade legislation. But substantively, Obama and Geithner's proposal has the potential to dramatically change the way America does business. The two men have proposed creating a consumer-financial-protection agency that would have broad power to police financial firms by, for instance, ensuring they are complying with rules protecting consumers from things like predatory lending and deceptive practices. Geithner also wants to consolidate the work of some of the regulators, in particular giving broad new authority...
Obama and Geithner have met stiff resistance from both the semi-independent regulators and Capitol Hill. "No one's supporting the Administration proposals," says a senior official at one of the regulatory agencies. "Everyone's opposed in one way or another." Some Senators, including the banking committee's top Republican, Richard Shelby, dislike the broad regulatory and oversight powers of the consumer-protection agency and are strongly opposed to increasing the power of the Federal Reserve. Other regulators, like the FDIC and the Comptroller of the Currency, don't want to lose their power to supervise banks and financial institutions...
...substantive bill may be good enough for Geithner, who may have the most at stake. He survived the terrible start of his tenure at Treasury and managed to lead the Administration's efforts to stabilize the markets under constant attack. But he continues to struggle with the impression that he is soft on Wall Street, having come from the New York Fed (and having played a part in the crisis dealings with Lehman Brothers and AIG last fall), which is considered more sympathetic to the financial industry than some Washington overseers. To truly succeed as Treasury Secretary, insiders say, Geithner...