U.S. Treasury department promises to explain financial reform to Wall Street

U.S. Treasury department promises to explain financial reform to Wall Street

Speaking before an audience at the New York University’s Stern School of Business, U.S. Treasury Secretary Timothy Geithner talked about the government’s financial reform program.

Secretary Geithner promised in Manhattan that President Obama’s administration through the treasury department will do everything to help Wall Street understand the new financial regulations which many business people are opposing.

Business types and conservatives have expressed their anxiety over market volatility since the new financial reform law was signed by the president last month.

Their chief complaint of Wall Street was that the law itself was discussed at length, but the implementing guidelines of the law to be made by regulators were not presented clearly to them.

"We will move as quickly as possible to bring clarity to the new rules of finance," Secretary Tim Geithner pledged in a speech at NYU 's Stern business school, acknowledging the sentiment among the business community there.

"The rule-writing process traditionally has moved at a frustrating, glacial pace," he said. "We must change that."

The secretary however, expressed his own gripes, implying that big companies and banks have not done enough on their part that may have prevented the worst financial crisis since the Great Depression back in the 1930s.

Geithner suggested that financial leaders need to be clearer with consumers, end hidden fees, stop offering loans that people can't afford, and mitigate excessive executive pay.

"Don't wait for Washington to draft every rule before you start changing how you do business," Geithner reminded them.

Posted by James Fried on Wednesday August 04 2010, 10:06 AM EST. All trademarks acknowledged. Filed under Featured News, Finance. Comments and Trackbacks closed. Follow responses: RSS 2.0