WASHINGTON BUREAU — Lawrence Summers, chairman of President Obama’s National Economic Council, is gearing up to unveil the Obama administration’s financial services regulation reform plans Wednesday.
Summers says the details of the reform efforts are “mind-numbingly complex,” and observers say it could be several weeks before reform legislation is introduced.
Treasury Secretary Timothy Geithner is set to discuss the proposals Thursday, in rare consecutive hearings before the Senate and House financial services committees.
The Senate Banking, Housing and Urban Affairs will hold a hearing at 9:30 a.m. Thursday, in a large, rarely used hearing room in the Hart Senate Office.
At 1:30 p.m., Geithner will appear before the House Financial Services Committee.
In other hearing news, the House Financial Services Committee capital markets subcommittee will hold a hearing on systemic risk and insurance at 10 a.m. Tuesday.
Witnesses will include Patrick Baird, chairman of the American Council of Life Insurers, Washington, and Michael McRaith, who will represent the National Association of Insurance Commissioners, Kansas City, Mo.