While U.S. Treasury Secretary Timothy Geither may be a rusty cog in President Obama’s administrative machine, there are times when even these cogs are helpful in making sure that the mechanism is able to function at full capacity.
Geither’s advice to President Obama regarding future financial reform efforts is one such example. Even though the President’s previous financial reform efforts have met with resistance and skepticism from those in business community, the Treasury Secretary, in a Wall Street Journal editorial, encourages the president to keep moving forward, and to veto any legislation that would limit their financial reform efforts.
The editorial also notes the progress made by the Consumer Financial Protection Bureau as well as the Federal Deposit Insurance Corporation in easing the financial process for individuals. In particular, he praises the CFPB for its efforts to “simplify disclosure of mortgage and credit-card loans so that consumers can shop for the best terms and be protected from abusive and predatory practices.”
The words contained in this editorial should help in giving the President a morale boost in his continued financial reform efforts. This boost should prove invaluable as debt negotiations progress and the President continues to face challenges from Republicans who have no interest in financial reform…of any kind.
