=DJ Geithner To Vow Quick, Clear Implementation Of Financial Law
. By Victoria McGrane
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Treasury Secretary Timothy Geithner on Monday will seek to reassure the financial industry that new rules will be put in place quickly and thoughtfully when he delivers a major policy address Monday on the new Dodd-Frank financial regulation law.
"We will move as quickly as possible to bring clarity to the new rules of finance. The rule-writing process traditionally has moved at a frustrating, glacial pace. We must change that," Geithner will say, according to an excerpt from his written remarks provided by Treasury.
Geithner also plans to say that the administration "will not simply layer new rules on top of old, outdated ones. Everyone that is part of the financial system -- the regulated and regulator -- knows that we have accumulated layers of rules that can be overwhelming. So alongside our efforts to strengthen and improve protections for the economy, we will eliminate rules that did not work. Wherever possible, we will streamline and simplify."
The Treasury Secretary will add: "We will not risk killing the freedom for innovation that is necessary for economic growth."
Geithner is scheduled to speak Monday at 4 p.m. EDT at the New York University Stern School of Business.
According to the excerpts, he will also say:
--"We had an obligation to rebuild our financial system so it could, once again, be an engine for economic growth and innovation."
--"The reforms that are now the law of the land will help us rebuild a pro-growth, pro-investment financial system."
--"Our system allowed too much freedom for predation, abuse and excess risk, but as we put in place rules to correct for those mistakes, we have to strive to achieve a careful balance and safeguard the freedom, competition and innovation that are essential for growth."
-By Victoria McGrane, Dow Jones Newswires; 202-862-9267; victoria.mcgrane@dowjones.com
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(END) Dow Jones Newswires
August 02, 2010 08:29 ET (12:29 GMT)
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