Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Financial Planning > Behavioral Finance

Obama, Geithner Hold Overhaul Talks

By Arthur D. Postal

X
Your article was successfully shared with the contacts you provided.

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.”

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.