Forum Views ()
Forum Replies ()
Read more with google mobile :
Geithner 'very confident' US finance reform will pass
Yahoo!
My Yahoo!
Mail
More Yahoo! Services
Account Options
New User? Sign Up
Sign In
Help
Yahoo! Search
web search
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Photos
Sitemap
Geithner 'very confident' US finance reform will pass
AFP - Sunday, April 18
Send
IM Story
Print
A White House plan to reform regulation of the financial sector has already attracted Republican opposition, but US Treasury Secretary Timothy Geithner is "very confident" the overhaul will pass.
WASHINGTON (AFP) - – A White House plan to reform regulation of the financial sector has already attracted Republican opposition, but US Treasury Secretary Timothy Geithner is "very confident" the overhaul will pass.
"I am very confident that we're going to have the votes for a strong package of financial reforms that'll bring derivative markets out of the dark, help protect the taxpayers from having to fund future bailouts," he told NBC News' "Meet the Press" in an interview to air Sunday.
President Barack Obama has made legislation introducing new oversight of the financial system his next big priority, and has pledged to veto any bill that does not include new regulation of derivatives.
But Republicans have already signaled opposition to the overhaul and a Democratic reform bill that passed out of the Senate Banking Committee failed to a attract a single Republican vote.
Derivatives trading came under the spotlight early in the economic crisis, when it emerged that bundled-together mortgage products had a paper value that bore no resemblance to their true value.
The resulting losses blew a hole in the finances of banks like Lehman Brothers, forcing them into bankruptcy and pushing others close to collapse.
Critics say the opaque trade in derivatives must now take place on open exchanges, where they can be more heavily regulated and scrutinized by investors.
Geithner said new regulations "with teeth" were the best way to prevent future financial meltdowns.
"You want a system that acts preemptively to prevent these things from happening," he said. "The best way to protect Americans from these things happening is to put a stronger system in place where people were able to act ahead of the storm."
Recommend
Send
IM Story
Print
News Search
Top Stories
Geithner 'very confident' US finance reform will pass
Central bankers warn against rushing to impose levy
Europe extends flight bans as ash cloud spreads
Red Bull's Vettel seizes pole in F1 China Grand Prix
Goldman fraud charges trigger possible wider crackdown
More Top Stories »
ADVERTISEMENT
Most Popular
Most Viewed
Most Recommended
Europe extends flight bans as ash cloud spreads
Toad is a telltale for impending quakes: scientists
Goldman fraud charges trigger possible wider crackdown
Red Bull's Vettel seizes pole in F1 China Grand Prix
Toyota recalling 870,000 minivans in US, Canada
More Most Viewed »
Two-million-year-old hominid sheds light on evolution
Toad is a telltale for impending quakes: scientists
Taiwan's male 'Susan Boyle' a web sensation
More Most Recommended »
Elsewhere on Yahoo!
Financial news on Yahoo! Finance
Stars and latest movies
Best travel destinations
More on Yahoo! News
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Subscribe to our news feeds
Top StoriesMy Yahoo!RSS
» More news feeds | What are news feeds?
Also on Yahoo
Answers
Groups
Mail
Messenger
Mobile
Travel
Finance
Movies
Sports
Games
» All Yahoo! Services
Site Highlights
Singapore
Full Coverage
Most Popular
Asia Entertainment
Photos
World Cup 2010
Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved.
Terms of Service |
Privacy Policy |
Community |
Intellectual Property Rights Policy |
Help
Other News on Sunday, 18 April 2010 Karzai appoints new elections chief for Afghanistan
Central bankers warn against rushing to impose levy
Iran, at nuclear conference, hits out at "bullies"
EU makes test flights to assess volcanic ash
|
Europe extends flight bans as ash cloud spreads
Explosives found at suspected Greek militant hideout
|
John Paul backed praise for hiding abuse: Cardinal
|
U.N. Official Says Bird Flu Persists In Five Countries
Young China quake survivor survived by sleeping in
Afghan president appoints electoral officials
SKorean activist: NKorea kidnaps defector in China
Eight hurt in bomb blasts at Indian cricket stadium
Defence lawyers quiz witnesses in US terror case
Afghan president names new election panel chief
Pakistan: Bombers kill refugees waiting for food
Philippines clears two clan members of massacre
China needs to consider currency 'reforms': EU
Gulf youths challenge conservative norms with their cameras
Rats, cats, mildew eat at Senegal's French West Africa archives
Canadian publishes porn for the blind
World leaders cancel as Poles mass for funeral
Europe's air travel crisis enters fourth day
|
All things technical at Spain's Campus Party
Britain's 'third party' takes centre stage in election
Thai army says will punish protesters
|
China's Hu flies in to quake site, toll nears 1,500
|
Suicide bomb at police station kills 7 in Pakistan
Ecuador threatens to take over foreign oil firms
|
Massacre families to appeal over dropped charges
Geithner 'very confident' US finance reform will pass
Turkish Cypriots go to polls in crucial vote
|
Iranian policeman, sportsmen in Malaysia drug bust: police
Rival Thai 'Yellows' discuss moves as 'Reds' rally on
China's Hu flies in to quake site, toll nears 1,500
Suicide bomber kills 7 in Pakistan's northwest
|
Major economies to delve into climate impasse
Car suicide attack kills seven in NW Pakistan: police
Philippines drops charges vs 2 massacre suspects
Gates 'warns White House' over Iran nukes policy
British adventurer set for last leg of Pacific row
White supremacists, demonstrators square off in LA
Suicide bomber kills 7 in Pakistan's northwest
U.S. border agents shoot man at busy Mexico crossing
Thai army says will "punish" protesters
Asian currencies to gain from yuan revaluation: analysts
S.Korea sees $1.3 bln metal investment in 2010
Buddhist Monks Cremate China Quake Victims In Open Funeral Pyre
Panty Raiding MSU Student In Hot Water Over His Thefts of Thongs
School Paddling Makes Comeback In Texas Town
Deceased Candidate Elected Mayor In Tennessee
Surviving the apocalypse -- in comfort
Spanish woman climber moves closer to record-breaking bid
Sudan state media report Bashir poll lead
Funeral mass for Kaczynski begins in Krakow
Iran says has military might to deter attacks
iPad drawing interest as device for disabled
Polish, foreign leaders attend Kaczynski funeral
|
NATO soldier killed by bomb in south Afghanistan
Fears Italian charity will be forced out of Afghanistan
One U.S. soldier dead, three injured in Iraq crash
|
Turk Cypriots hold election, key to settlement
|
Kyrgyzstan's new rulers struggle to restore order
|
Somalia violence kills 14, parliament fails to meet
|
Pope meets abuse victims, promises justice
|
Sudan state media report Bashir poll lead
|
President Obama Observes National Volunteer Week
China's Hu tells quake rescuers to keep searching
Yang defies weather to win China Open golf
Bangkok's main shopping boulevard declared unsafe
Belarus says ousted Kyrgyz leader welcome
29 militants die in fighting in north Afghanistan
Chinese leader vows to replace collapsed schools
Chinese president Hu flies to Tibetan quake zone
Actor Daniel Wu marries girlfriend in South Africa
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights