WASHINGTON — WASHINGTON Republican lawmakers are criticizing Treasury Secretary Timothy Geithner for failing to alert Congress four years ago that banks could be manipulating a key global interest rate.
Britain's Barclays bank admitted last month that it had submitted false information to keep the rate low. The bank was fined $453million in settlements with U.S. and British regulators, and its chief executive resigned.
Documents show the Federal Reserve Bank of New York learned in 2007 that Barclays was manipulating the rate.
Geithner, who was then president of the New York Fed, defended his actions at a hearing Wednesday of the House of Representatives Financial Services Committee.
Geithner said he immediately alerted U.S. and British regulators in 2008 when he learned of problems with the London interbank offered rate, or LIBOR. He also said the problems were written about in the financial media.
"I felt that we did the important and fully appropriate thing," Geithner testified.
But Rep. Scott Garrett, a Republican, asked why Geithner didn't tell Congress.
"You have appeared before this committee countless times since 2008," Garrett said. "Why did you never mention it to the committee?"
Rep. Brad Miller wanted to know whether Geithner had informed the Justice Department about the problems.
Geithner said he had not.
Other major banks, including Citigroup Inc. and JPMorgan Chase & Co., are under investigation for similar violations.
The European Union proposed Wednesday to make manipulating the Libor and other key global interest rates a crime.
A British banking trade group sets the LIBOR every morning after international banks submit estimates of what it costs them to borrow money. The rate affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
Geithner also warned in his testimony Wednesday that Europe's debt crisis and a looming budget crisis in Washington could weaken an already-fragile U.S. economy. He told the panel that regulators must pursue stricter oversight of the financial system to help stabilize the economy.
By Marcy Gordon, Associated Press Jul 26, 2012
GOP rips Geithner about LIBOR - USATODAY.com
Showing posts with label timothy geithner. Show all posts
Showing posts with label timothy geithner. Show all posts
Thursday, September 13, 2012
GOP rips Geithner about LIBOR - USATODAY.com
WASHINGTON — WASHINGTON Republican lawmakers are criticizing Treasury Secretary Timothy Geithner for failing to alert Congress four years ago that banks could be manipulating a key global interest rate.
Britain's Barclays bank admitted last month that it had submitted false information to keep the rate low. The bank was fined $453million in settlements with U.S. and British regulators, and its chief executive resigned.
Documents show the Federal Reserve Bank of New York learned in 2007 that Barclays was manipulating the rate.
Geithner, who was then president of the New York Fed, defended his actions at a hearing Wednesday of the House of Representatives Financial Services Committee.
Geithner said he immediately alerted U.S. and British regulators in 2008 when he learned of problems with the London interbank offered rate, or LIBOR. He also said the problems were written about in the financial media.
"I felt that we did the important and fully appropriate thing," Geithner testified.
But Rep. Scott Garrett, a Republican, asked why Geithner didn't tell Congress.
"You have appeared before this committee countless times since 2008," Garrett said. "Why did you never mention it to the committee?"
Rep. Brad Miller wanted to know whether Geithner had informed the Justice Department about the problems.
Geithner said he had not.
Other major banks, including Citigroup Inc. and JPMorgan Chase & Co., are under investigation for similar violations.
The European Union proposed Wednesday to make manipulating the Libor and other key global interest rates a crime.
A British banking trade group sets the LIBOR every morning after international banks submit estimates of what it costs them to borrow money. The rate affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
Geithner also warned in his testimony Wednesday that Europe's debt crisis and a looming budget crisis in Washington could weaken an already-fragile U.S. economy. He told the panel that regulators must pursue stricter oversight of the financial system to help stabilize the economy.
By Marcy Gordon, Associated Press Jul 26, 2012
GOP rips Geithner about LIBOR - USATODAY.com
Britain's Barclays bank admitted last month that it had submitted false information to keep the rate low. The bank was fined $453million in settlements with U.S. and British regulators, and its chief executive resigned.
Documents show the Federal Reserve Bank of New York learned in 2007 that Barclays was manipulating the rate.
Geithner, who was then president of the New York Fed, defended his actions at a hearing Wednesday of the House of Representatives Financial Services Committee.
Geithner said he immediately alerted U.S. and British regulators in 2008 when he learned of problems with the London interbank offered rate, or LIBOR. He also said the problems were written about in the financial media.
"I felt that we did the important and fully appropriate thing," Geithner testified.
But Rep. Scott Garrett, a Republican, asked why Geithner didn't tell Congress.
"You have appeared before this committee countless times since 2008," Garrett said. "Why did you never mention it to the committee?"
Rep. Brad Miller wanted to know whether Geithner had informed the Justice Department about the problems.
Geithner said he had not.
Other major banks, including Citigroup Inc. and JPMorgan Chase & Co., are under investigation for similar violations.
The European Union proposed Wednesday to make manipulating the Libor and other key global interest rates a crime.
A British banking trade group sets the LIBOR every morning after international banks submit estimates of what it costs them to borrow money. The rate affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
Geithner also warned in his testimony Wednesday that Europe's debt crisis and a looming budget crisis in Washington could weaken an already-fragile U.S. economy. He told the panel that regulators must pursue stricter oversight of the financial system to help stabilize the economy.
By Marcy Gordon, Associated Press Jul 26, 2012
GOP rips Geithner about LIBOR - USATODAY.com
Sunday, July 3, 2011
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Treasury secretary may exit after debt talks
Treasury Secretary Timothy Geithner, an architect of the Obama administration's economic strategy, has told the president that he may seek as soon as this summer to resign, according to people familiar with the matter.
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Geithner's departure would mark the loss of Obama's longest-serving economic adviser at a time when the recovery has slowed and the unemployment rate remains stubbornly high.
Geithner has told the White House he will wait until the conclusion of talks with Congress over the nation's debt before deciding whether to leave, according to the people familiar with the matter.
An administration official said Geithner recognizes the conclusion of these negotiations could provide him a "window" for him to leave. Another official at the Treasury Department said Geithner didn't plan to make any decisions while he was focused on striking a deal with lawmakers to reduce the deficit and raise the federal limit on borrowing, which he has said must happen by Aug. 2 to avert a catastrophic default.
These two officials spoke on the condition of anonymity because they were discussing Geithner's private deliberations.
When asked about his career plans late Thursday, Geithner said at a conference in Chicago that "I'm going to be doing this for the foreseeable future."
But he acknowledged that family concerns were weighing on him. Geithner said his family was moving to New York, where his son would finish high school. Geithner said he would commute to Washington.
"I've never had a real job," Geithner told his interviewer, former President Bill Clinton. "I've only worked in public service. I live for this work."
When discussing his future in other settings, Geithner has said he would be ready to leave the administration as soon as the president would allow him and a successor could be identified, according to a person familiar with the matter.
A departure would come at a sensitive time for Obama. The president would have to find a replacement in a highly charged political environment. The White House has been slow to nominate senior financial policymakers, and congressional Republicans have blocked several top nominees.
If Geithner left this summer, he also would be leaving in the hands of his successor critical matters such as the nation's housing policy, the future of mortgage financiers Fannie Mae and Freddie Mac, and regulations overseeing large financial firms.
by Zachary A. Goldfarb Washington Post Jul. 1, 2011 12:00 AM
Treasury secretary may exit after debt talks
Saturday, September 25, 2010
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Geithner: U.S. banks are well-positioned
WASHINGTON - Treasury Secretary Timothy Geithner said Wednesday that U.S. banks are in a good position to meet new global capital standards because of the stress tests conducted in the United States last year.
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
In testimony to the House Financial Services Committee, Geithner praised the new global rules on capital adopted at a meeting earlier this month in Basel, Switzerland.
He said that stress tests conducted in spring 2009 in the U.S. forced banks to raise needed capital, the cushion that banks have to hold against losses.
Because of those tests, Geithner said U.S. banks are in a strong position internationally and will be able to meet the new requirements.
Geithner said that most banks will be able to increase their capital cushions through their projected future earnings.
That means that they will not have to cut back on their lending as they build up their capital reserves.
The new capital standards, Geithner said, "will significantly lower the probability and severity of future financial crises and it will help protect taxpayers by limited excessive risk-taking by financial institutions."
The so-called Basel III rules will gradually require banks to keep more capital on hand to absorb potential losses.
Some critics have voiced concerns that the standards may be raised so high that they will limit the amount of money banks will have available to make loans.
The rules were adopted earlier this month by banking regulators, including Federal Reserve Chairman Ben Bernanke, from major countries.
Geithner said they will be reviewed by leaders of the Group of 20 major countries at their November summit in South Korea.
Geithner told the panel the administration will be pushing to get the G-20 leaders to endorse the measures so that implementation can begin. The United States has the authority to impose the tougher capital standards through provisions in the sweeping financial regulatory law that was approved this summer.
Another key part of that legislation was creation of a new Consumer Financial Protection Bureau.
Last week, Obama selected Harvard law professor Elizabeth Warren to serve as a special adviser to help set up the new agency.
In that job, she will not require Senate confirmation, bypassing a potentially confirmation fight.
by Martin Crutsinger Associated Press Sept. 23, 2010 12:00 AM
Geithner: U.S. banks are well-positioned
Sunday, September 19, 2010
China trade practices angering Congress
WASHINGTON - Congress is pressuring the Obama administration to take a tougher stand with China over trade practices that lawmakers say have cost Americans millions of jobs.
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
China trade practices angering Congress
WASHINGTON - Congress is pressuring the Obama administration to take a tougher stand with China over trade practices that lawmakers say have cost Americans millions of jobs.
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
China trade practices angering Congress
WASHINGTON - Congress is pressuring the Obama administration to take a tougher stand with China over trade practices that lawmakers say have cost Americans millions of jobs.
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
China trade practices angering Congress
WASHINGTON - Congress is pressuring the Obama administration to take a tougher stand with China over trade practices that lawmakers say have cost Americans millions of jobs.
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
Both Democrats and Republicans on the Senate Banking Committee told Treasury Secretary Timothy Geithner on Thursday that China is manipulating its currency.
They said that and other practices have led to a huge trade gap between the two countries and job losses in the United States.
Geithner said the administration is ready to work with Congress on an effective strategy. But he cautioned senators to consider that the government should take a measured approach that does not harm U.S. economic interests with an important trading partner.
Senators were frustrated because the administration failed to cite China as a currency manipulator in its latest report. Instead, the White House took the same position as previous administrations in simply urging China to move faster to allow its currency to rise in value against the dollar.
American manufacturers contend that the Chinese currency is undervalued by as much as 40 percent.
That has given Chinese companies a tremendous competitive advantage, making U.S. products more expensive in China and Chinese goods cheaper in the United States.
Under a 1988 law, the Treasury Department is required to submit a currency report to Congress every six months and cite any country that it finds is manipulating its currency to gain trade advantages.
A number of senators complained that the Obama administration, like previous administrations, failed to identify China as a manipulator.
"At a time when the U.S. economy is trying to pick itself up off the ground, China's currency manipulation is like a boot to the throat of our recovery," said Sen. Charles Schumer, D-N.Y.
"This administration refuses to try and take that boot off our neck," Schumer added.
Committee Chairman Chris Dodd, D-Conn., and Sen. Richard Shelby of Alabama, the top Republican on the panel, both said they have grown frustrated listening to a string of administrations refuse to cite China as a currency manipulator.
by Martin Crutsinger Associated Press Sept. 17, 2010 12:00 AM
China trade practices angering Congress
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