US Treasury Secretary to Act Quick on New Financial Law
Recent news has broke from the United States that Timothy Geithner, the Secretary of the US Treasury has pledged to move with great speed to finalize some of the biggest changes to the US financial system since the days of the legendary Great Depression. He has told the press that his first priority will be to simplify the complex forms that consumers are forced to fill out in order to receive a credit card, loan for a vehicle or a mortgage for a new home. The purpose of these latest changes is to make the process of these financial situations more simple for consumers in order to prevent the economic catastrophe that arose towards the end of the last decade in the US. Geithner had been speaking to a group of students from the Stern School of Business at the New York University who had gathered with executives from Wall Street to hear the Secretary’s talk. He said that rule changes have, in the past, taken far too long to implement and that this must change in order to speed up the recovery process in the US and get consumers back on solid ground and equal footing with those who do lending of any form.
Geithner also told the press that a number of officials from a variety of US government agencies are committed to pushing the reforms through, including bank industry regulatory organizations, the Federal Reserve and the Securities Exchange Commission. A new panel called the Financial Stability Oversight Council will oversee the changes and help create a road map for overhauling the financial system.