Roundtable testifies before House committee on administration's reform plan
U.S. Treasury Secretary Timothy Geithner testified before the House Financial Services Committee, advocating his proposal that would allow the government to force large financial firms -- even healthy companies -- to "shrink and separate" if it is determined that they pose a threat to the broader economy. Mr. Geithner's comments were in response to questions from Rep. Paul Kanjorski, D-Pa., who said the proposed regulations seem to focus not on preventing large companies from getting too big but on how to cope with their collapse. While the Roundtable supports some of the basic principles of the administration's reform plan, Scott Talbott, senior vice president of government affairs for the Roundtable, expressed concern about some of the details and testified before the committee that the U.S. needs a financial system that "provides market stability and integrity, yet encourages innovation and competition to serve consumers and meet the needs of a vibrant and growing economy." Read more about Mr. Talbott's testimony.
Wall Street Journal, The | 10/30
This story published in The Financial Services Roundtable SmartBrief on 10/30/2009
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