Nominee Calls for More Financial Regulations
Treasury Secretary nominee Timothy Geithner testified before the Senate Finance Committee on January 21, 2009. In prepared remarks Geithner hints at a desire to increase regulation of the financial markets:
I believe that markets are central to innovation and to growth, but that markets alone cannot solve all problems. Well-designed financial regulations with strong enforcement are absolutely critical to protecting the integrity of our economy.
During the testimony Geithner faced pointed questions regarding tax policies and the failure of the current regulatory regime to effectively police the financial markets. Many times he stated that increased regulation may be necessary to protect all participants within the financial markets. Specifically with regard to hedge funds, in his answer to a question posed by Senator Grassley, Geithner stated “I believe that we should consider requiring registration of hedge funds.” Continue reading