Treasury Secretary Timothy Geithner plans to warn House lawmakers that regulators need their help to ensure the financial system is safe from threats posed by Europe and elsewhere.
According to his prepared testimony before the House Financial Services Committee, Geithner will inform lawmakers that the financial system, years after the meltdown, still faces “a challenging and uncertain overall economic environment,” and will ask members to help, not hinder, regulatory efforts to implement the Dodd-Frank financial reform law. A copy of Geithner’s testimony was obtained by The Hill.
“We need your support to make these rules strong and effective. And we need your support to make sure the enforcement agencies have the resources they need to prevent fraud, manipulation, and abuse,” his testimony states.