Make us your home page
Instagram

Treasury Secretary Geithner says 'dark forces' trying to starve financial reforms

WASHINGTON — Treasury Secretary Timothy Geithner said Wednesday that some lawmakers and bankers are waging a "war of attrition" against efforts to strengthen regulation of the financial system.

"You're seeing some people run a war of attrition against the reform act," Geithner said at an event in Washington, without identifying the people. "They're trying to starve the agencies of funding so they can't enforce protections for investors."

Geithner also said opponents of the Obama administration are trying to block presidential appointments to regulatory agencies "as a way to get leverage over the outcome, and they're trying to slow down so that they can weaken over time the thrust" of the Dodd-Frank financial overhaul law. "We're not going to let that happen."

Republican lawmakers are opposing the nomination of Peter Diamond to the Federal Reserve Board. The White House renominated Diamond, a Nobel Prize winner, in January, marking a third try at confirmation after the Senate adjourned in December without approving him. Diamond's initial candidacy was returned to the White House in August under a procedural objection.

On negotiations to raise the $14.3 trillion federal debt ceiling, Geithner said Congress will ultimately "do the right thing" and raise the limit. Some lawmakers are using the talks for political posturing, he said.

"Right now this is all theater," Geithner said. "I think the vast bulk of Congress understands it completely. I think there are some people pretending not to understand, who think there is leverage for them in threatening default. I don't understand that negotiating position." Geithner has taken measures to stay below the debt limit until Aug. 2.

This month, 44 Senate Republicans said they would not confirm a director for the Consumer Financial Protection Bureau without changes to its structure and funding. President Barack Obama appointed Elizabeth Warren, a Harvard University law professor, as an adviser to set up the bureau after then-Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, said Republican opposition would prevent her from winning Senate confirmation.

"We want to put up people who can be confirmed," Geithner said. "We want to put up talented people who can do those jobs. Finding the intersection between those two things has become difficult because people are less willing to come and Congress is proving itself unwilling to confirm Nobel Prize-winning economists."

Asked by a moderator at the breakfast held by POLITICO to identify the "mysterious forces" working against the administration, Geithner said, smiling, "dark forces, I would say."

Treasury Secretary Geithner says 'dark forces' trying to starve financial reforms 05/25/11 [Last modified: Wednesday, May 25, 2011 8:58pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Bloomberg News.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Former Sen. Greg Evers, advocate for law enforcement, dead at 62.

    State Roundup

    TALLAHASSEE — Former State Sen. Greg Evers, the Baker Florida strawberry farmer and veteran politician, was killed in a single car crash hear his home in Okaloosa County. The Florida Highway Patrol confirmed the death late Tuesday, but deferred any further information pending an investigation. He was 62.

    Former Florida Senator Greg Evers, R- Milton, was a passionate advocate for law enforcement and corrections officers. He was found dead Tuesday afternoon in a car crash. He was 62. [SCOTT KEELER | Tampa Bay Times]
  2. Foundation Partners buys Anderson-McQueen Funeral Home

    Business

    ST. PETERSBURG — Anderson-McQueen Funeral Home, the Tampa Bay area's largest family-owned funeral company, has been sold.

    Anderson-McQueen Funeral Home, the Tampa Bay area's largest family-owned funeral company, has been sold.
[CHRIS URSO   |   Times]
  3. Water Street Tampa unveils video showing downtown's transformation

    Business

    TAMPA — Water Street Tampa, the sweeping, 50-plus acre redevelopment project in Tampa's urban core, has unveiled new images and video of what the downtown district will look like upon completion.

    Strategic Property Partners released a conceptual image of what the Tampa skyline will look like once its redevelopment of 50-plus acres of downtown will look like. [Photo courtesy of  of SPP]
  4. Florida ranks high for workplace equality between men and women

    Working Life

    When it comes to the workplace, Florida ranks fifth in terms of gender equality, a WalletHub study released Tuesday found.

    Florida ranks high in terms of equality between men and women in the workplace. Pictured is Sandra Murman, county commissioner in 2015, talking about the differences in pay between men and women. | [Times file photo]
  5. Treasury secretary's wife boasts of travel on government plane, touts high fashion

    National

    U.S. Treasury Secretary Steven Mnuchin's wife, Louise Linton, boasted of flying on a government plane with her husband to Kentucky on Monday and then named the numerous fashion brands she wore on the trip in an unusual social media post that only became more bizarre minutes later.

    Steven Mnuchin and his then- financee Louise Linton watch as President Donald Trump speaks during Mnuchin's swearing-in ceremony as  treasury secretary in the Oval Office of the White House on Feb. 13. [Mandel Ngan | AFP via Getty Images]