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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US to unveil stronger rules against fraud: Geithner AFP - Thursday, March 26 NEW YORK (AFP) - - The United States will propose stronger rules on financial fraud and abuse soon as part of concerted global action to avoid another financial crisis, Treasury Secretary Timothy Geithner said Wednesday. ADVERTISEMENT "In the coming weeks, we will take additional steps, among them, proposing new and stronger rules to protect American consumers and investors against financial fraud and abuse," Geithner said. "These will help us deal in the future with threats like the practices in subprime lending that kicked off the current crisis," he told the Council on Foreign Relations in a New York speech. Geithner said that the plan would not focus solely on financial regulations in the United States, "but -- with the help of other interested nations and strengthened international bodies -- on stronger standards globally, as well." Geithner will accompany US President Barack Obama to the Group of 20 summit of developed and developing nations in London on April 2 aimed at devising a global system to ensure recovery and making financial reforms. "The world needs to see America come together with a commitment that is commensurate with the deep gravity of the problem," Geithner said. Geithner and Federal Reserve chief Ben Bernanke had asked Congress Tuesday for unprecedented powers to seize financial firms outside the banking system if needed to maintain economic stability. The government currently has the authority to take over only banks, and the new requested powers could enable authorities to take control of large insurers, investment firms and hedge funds during a financial turmoil. Geithner said that on Thursday, he would lay out the administration's broad regulatory framework for dealing with "the kind of systemic risk" that non-bank financial firms, such as troubled insurance giant American International Group (AIG) had posed. The government staged an unprecedented multi-billion dollar bailout of AIG in September last year in what they said was a desperate bid to prevent global financial catastrophe. "Because we have learned from the current crisis that destabilizing dangers can come from financial institutions besides banks, our plan will give the government the tools to limit the risk-taking at firms that could set off cascading damage," Geithner said. "The framework will significantly raise the prudential requirements, once we get through the crisis, that our largest and most interconnected financial firms must meet in order to ensure they do not pose risks to the system." Geithner said that the world confronted "extraordinary challenges" and needed "extraordinary actions" to combat the current financial turmoil stemming from a US home mortgage meltdown. He chided the previous administration of President George W. Bush for borrowing too much and putting the world's largest economy at risk. "No crisis like this has a simple or single cause, but as a nation we borrowed too much and let our financial system take on irresponsible levels of risk," he said. "Those decisions have caused enormous suffering, and much of the damage has fallen on ordinary Americans and small business owners who were careful and responsible. This is fundamentally unfair, and Americans are justifiably angry and frustrated," he said. Geithner also defended the dollar as a key global reserve currency following China's call for a new global currency as an alternative to the greenback. "I think the dollar remains the world's standard reserve currency, I think that's likely to continue for a long period of time," he said. "As a country, we will do as necessary to make sure that we are sustaining confidence in our financial markets" and economy," he said in response to a question. US President Barack Obama on Tuesday defended the dollar as "extraordinarily strong." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Secretary of the Treasury Timothy Geithner speaks during a hearing of the House Financial Services Committee on Capitol Hill on March 24, 2009 in Washington, DC. The United States will propose stronger rules on financial fraud and abuse soon as part of concerted global action to avoid another financial crisis, Geithner said. 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