Report: Geithner Already Grumbling About Obama’s Proposed Bank Reforms
It’s no mystery that Treasury Secretary Tim Geithner has been opposed to some of the very bank reforms proposed by President Obama yesterday (which explains why
Jul 31, 2020316.8K Shares5.5M Views
It’s no mystery that Treasury Secretary Tim Geithner has been opposedto some of the very bank reforms proposedby President Obama yesterday (which explains why those reforms weren’t rolled out earlier). But it’s quite another thing for Geithner to go behind Obama’s back and grumble to Wall Street executives that the proposal is a bad move.
Geithner, Reuters says, “has expressed some skepticism behind closed doors about the broad bank limits proposed on Thursday by his boss, President Barack Obama, according to financial industry sources.”
“„The sources, speaking anonymously because Geithner has not spoken publicly about his reservations, said the Treasury chief is concerned the proposed limits on big banks’ trading and size could impact U.S. firms’ global competitiveness.
Some economists are already doubtingthe effectiveness of the proposed reforms to prevent the types of lending that led to the economic collapse. That failure is all but guaranteed if even the administration’s own finance officials aren’t on board.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
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