REFORM: US Treasury Secretary Timothy Geithner, left, waits offstage before an interview in Washington yesterday. Picture: REUTERS
US Treasury Secretary Timothy Geithner says that some legislators and bankers were waging a "war of attrition" against efforts to strengthen the regulation of the financial system.
| IAN KATZ and CHEYENNE HOPKINS |
Published: 2011/05/26 07:43:53 AM |
US TREASURY Secretary Timothy Geithner said yesterday that some legislators and bankers were waging a "war of attrition" against efforts to strengthen the regulation of the financial system.
"You’re seeing some people run a war of attrition against the reform act," Mr Geithner said at a breakfast held by Politico in Washington, without identifying the people.
"They’re trying to starve the agencies of funding so they can’t enforce protections for investors."
Asked by a moderator to identify the "mysterious forces" working against the administration, he said, "Dark forces, I would say".
Mr Geithner also said opponents of the Obama administration were 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," he said.
Republican legislators are opposing the nomination of Peter Diamond to the Federal Reserve Board. The White House renominated Mr Diamond, a Nobel Prize winner, in January, marking a third try at confirmation after the Senate adjourned in December without approving him. Bloomberg
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