White House drops demand for "plain vanilla" financial products

09/24/2009 | Los Angeles Times (tiered subscription model)

Treasury Secretary Timothy Geithner backed down without argument from an Obama administration proposal requiring financial firms to offer consumers inexpensive, no-frills versions of their loans and credit cards. The shift came at a meeting of the House Financial Services Committee after the panel's chairman, Rep. Barney Frank, D-Mass., offered his version of financial regulatory legislation that leaves out the provision. "As the president likes to say, we don't have a monopoly of wisdom on these things," Geithner said.

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