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Geithner Voices Concer Over Reform

Posted: January 22nd, 2010 | Author: | Filed under: Business News | Tags: , , | Comments Off on Geithner Voices Concer Over Reform
Geithner Voices Concer Over ReformUS Treasury Secretary Timothy Geithner has expressed some scepticism about the broad bank limits proposed on Thursday by President Barack Obama, according to a financial industry inside source.

Our source, speaking anonymously, Geithner hasn’t yet spoken publicly on his reservations, said the Treasury chief is concerned that the proposed limits on big banks’ trading and size could impact global competitiveness. Geithner also has concerns that limits on proprietary trading do not necessarily get at the root of the problems and excesses that fuelled the recent financial crisis. However, a White House official has stated that Geithner is on board with Obama’s economic team, and prepared to tow the Presidents Line.

Geithner and Lawrence Summers, the director of President Barack Obama’s National Economic Council, worked closely with Paul Volcker, who heads a panel of outside advisers, in developing the proposals, the official said. Read the full article »»»»