Latest Council on Foreign Relations Stories

2009-08-13 16:00:34

U.S. Treasury Secretary Timothy Geithner said Wall Street banks were not backsliding into bad habits, but regulations needed to be tougher anyway. The big banks are running with much less leverage now, much more conservative liquidity cushions, Geithner told The Wall Street Journal Thursday. There's been a significant shrinking of their balance sheets, getting rid of bad assets and cleaning up, he said. And the weakest parts of the system don't exist anymore. Referring to regulatory reform,...

2009-07-27 14:43:56

A real estate agent in Westchester County, N.Y., estimated that U.S. Treasury Secretary Timothy Geithner was losing money on a house he could not sell. Geithner and his wife, Carole, paid $1.602 million for the Tudor home in Mamaroneck, N.Y., in 2004 and put it on the market for $1.635 when he moved to Washington to lead the U.S. Treasury Department. The Geithners then reduced the asking price by $60,000 in May and settled for renting the home for $7,500 a month later in the month, ABC News...

2009-07-24 17:40:00

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...

2009-07-14 14:42:46

The Obama administration is mulling whether to bail out a key small-business lender, a consideration analysts say underscores how fragile the U.S. economy is. CIT Group, with about $75 billion in assets, wasn't in the government's stress tests of major financial firms, but caught the administration's attention because of its focus on small-business lending, considered critical for the country's economic recovery, The Washington Post reported Tuesday. Administration officials met Monday to...

2009-07-13 16:21:29

U.S. Treasury Secretary Timothy Geithner said in London the U.S. and global economies are poised to make a recovery within the year. British Chancellor of the Exchequer Alistair Darling echoed Geithner's remarks, saying he was confident that our economy will see growth return at the end of the year. Geithner and Darling met in London to review policies in advance of the next Group of 20 summit meeting, which is scheduled for Pittsburgh in September. We have a very powerful set of policies in...

2009-06-19 07:07:33

The Obama administration's 85-page regulatory reform proposal has run into a scatter shot of resistance from U.S. senators on Capital Hill. In a focused public hearing Thursday, Treasury Secretary Timothy Geithner faced members of the Senate Banking Committee, where Chairman Christopher Dodd, D-Conn., gave an initial endorsement that may prove prophetic. I believe that we can find common ground in a number of the areas contained in your proposal, Dodd said. But Senators from both sides of the...

2009-06-18 14:33:14

U.S. senators questioned the wisdom of strengthening the Federal Reserve Thursday as Treasury Secretary Timothy Geithner pushed a plan for regulatory reform. Geithner said a new system was needed to prevent an accumulation of financial risk in a modern market place. Government supervision didn't prevent the emergence of large concentrations of risk, Geithner told members of the Senate Banking Committee. Chairman Christopher Dodd, D-Conn., said a Consumer Financial Protection Agency, one of...

2009-06-18 10:15:00

U.S. Treasury Secretary Timothy Geithner said a stronger regulatory system was needed to prevent an accumulation of financial risk in a modern market place. Government supervision didn't prevent the emergence of large concentrations of risk, Geithner told members of the Senate Banking Committee Thursday. New financial institutions and instruments "¦ were almost entirely outside the government's supervisory framework, (leaving) regulators largely blind to emerging dangers, he said. Our...

2009-06-18 06:38:45

U.S. bankers and politicians reacted quickly to President Barack Obama's regulatory overhaul proposal, which reaches broadly across the financial spectrum. The 85-page proposal includes the formation of an oversight council, led by the treasury secretary, to help pinpoint regulatory gaps and provide sonar to identify companies where failure would threaten the financial system as a whole. Beyond the banks it oversees, the Federal Reserve would then look after other large firms that pose a risk...

2009-06-11 08:37:08

The U.S. Treasury has appointed Washington lawyer Kenneth Feinberg to the task of assigning executive pay levels at seven bailed out corporations. In a move meant to answer public anger over huge salaries and bonuses at U.S. companies propped up by billions of taxpayer dollars, the Treasury authorized Feinberg, who oversaw the effort to compensate families after the Sept. 11, 2001, terrorist attacks, to set pay for the top five executives and the 20 highest paid employees at American...

Word of the Day
  • The ragged surface of a lava-flow.
'Malpais' translates from Spanish as 'bad land.'