Word: geithners
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...detailed timetable in order to coordinate the world's stimulus exit. The first steps are slated to be announced by the end of January next year. "If we put on the brakes too quickly we will weaken the economy and the financial system," warned U.S. Treasury Secretary Tim Geithner, "and the ultimate cost of the crisis will be greater." (See how to plan for retirement...
...three versions of financial reform in play. The Administration unveiled its plan in mid-June. Barney Frank, chairman of the House Financial Services Committee, will bring his recently unveiled version to markup in committee as early as this week. Frank and the Administration, represented by Treasury Secretary Timothy Geithner, spent weeks in negotiation, and Frank's bill closely tracks the Administration proposal...
...FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Office of Thrift Supervision (OTS). He would give their power to supervise and regulate banks to a new, single bank regulator with power to set capital requirements and ensure stability. By contrast, the Frank-Geithner-negotiated bill in the House would do away with only the OTS, leaving the FDIC in charge of state-chartered-bank supervision, the OCC in charge of nationally chartered banks and the Fed in charge of complex financial institutions...
...Seeing the size of the fight he faces may help explain why Geithner was so outspoken on the Hill Thursday. "Now that we have hammered out an agreement with Frank," says the top aide, "it's time to defend it." Geithner's biggest advantage is that the politics of reform are on his side, as he told the big bankers last week. Americans aren't much interested in details, but any appearance of moving forward on reform will have support, while those who try to slow the Administration down will appear to be siding with the big banks and Wall...
...Geithner's gamble is that he can leverage that political advantage to rush a bill that will restructure much of the financial system of the United States in a matter of months. It will be a big win for the Administration if he does, as long as the hurried result actually helps, not hurts, financial stability...