Geithner urges Congress to enact regulatory overhaul this year

09/23/2009 | Bloomberg · Financial Times (tiered subscription model)

In prepared remarks for a House Financial Services Committee hearing, Treasury Secretary Timothy Geithner said legislation to overhaul financial regulation should not be hindered by economic recovery. "As some normalcy returns to our financial system and our economy, we cannot let it be cause for complacency," Geithner said. "We must act to correct the regulatory problems that have left our financial system so fragile and prone to further trouble." Geithner is urging lawmakers to approve the Obama administration's regulatory revamp, saying "time is the enemy of reform."

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