President Obama and Treasury Secretary Timothy Geithner today held a closed-door meeting with the chairmen and highest-ranking Republicans on the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee.
The topic was coming up with a strategy for overhauling the financial system regulatory structure, according to sources familiar with the meeting.
Rep. Stenny Hoyer, D-Md., said Tuesday that the House will vote on legislation dealing with systemic risk in the financial services sector before it leaves for its Easter recess April 3.
Action could take longer in the Senate, where Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, and Sen. Richard Shelby, R-Ala., the highest-ranking Republican member of the committee, have promised to take a more deliberate approach to reform.
In related news, Obama has released a set of principles for transforming the nation’s financial institution regulatory system.
The principles include “Enforce strict oversight of financial institutions that pose systemic risks,” “Supervise financial products based on ‘actual data on how actual people make financial decisions,’” “”Overhaul our regulations so they are comprehensive and free of gaps,” and “Recognize that the challenges we face are global.”