July 24, 2009

Geithner urges end to ‘dumb regulation’

U.S. Treasury Secretary Timothy Geithner, during a debate over plans to overhaul the U.S. regulatory system, urged Congress Friday to end dumb regulation.

Geithner urged lawmakers to act quickly despite resistance to the Obama administration plan by the financial industry and other regulators, The Financial Times reported.

He told the House Financial Services Committee every financial crisis of the last generation has sparked some effort at reform but it always came after the will to act had passed.

That cannot happen this time, he said.

The committee begins work on the reform measure in September.