Press Releases

Statement from Secretary Geithner on the Financial Reform Conference

(Archived Content)




WASHINGTON - The U.S. Department of the Treasury today released the following statement from Secretary Tim Geithner on the conclusion of the House-Senate Conference on the financial reform bill:

We commend Congress and specifically Chairman Dodd, Chairman Frank, Chairwoman Lincoln and Chairman Peterson for completing their work within Conference and bringing us this close to enacting meaningful financial reform.

Today, due to the President's leadership and Congress' resolve, the finish line is in sight.

The bill that has emerged from Conference is strong. It represents the most sweeping set of financial reforms since those that followed the Great Depression. It establishes the greatest consumer financial protections in American history. It prevents financial firms from taking risks that will threaten the economy.   And it provides the government with significant new tools to better protect taxpayers from the damage of future financial crises.

We urge Congress to carry the momentum forward and move swiftly towards final passage.

The progress made over the past two weeks is enormously important for the country and provides crucial momentum for global financial reform. As the President travels to Toronto to attend the G-20 Summit, Congress has shown that America is ready to lead by example.

All Americans have a stake in this bill. It will offer families the protections they deserve, help safeguard their financial security and give the businesses of American access to the credit they need to expand and innovate.

This is a good day for them and for the cause of financial reform.