US presses for global finance rules this yearApr 13, 2010
US Treasury Secretary Timothy Geithner eyed new international financial standards on Tuesday, hinting a deal was possible before the end of the year.
Writing in the Washington Post, Geithner said rules being discussed by Congress would allow the government to reach accords with international partners as they seek to overhaul financial standards.
"With the Senate bill, the United States would have a strong hand in negotiating a global agreement on new capital requirements by the end of the year," Geithner wrote.
Financial reform has emerged at the top of President Barack Obama's legislative agenda since his hard-won victory to reform health care.
The Senate is expected to discuss financial reforms -- the most sweeping since the Great Depression -- within weeks.
Geithner said the agreement would prevent "too-big-to-fail" banks from again threatening economic stability, by putting in place tough new rules about how much money banks have to keep on hand, among other measures.
"Such an agreement would establish a level playing field with minimum requirements for capital, and compliance would be open to scrutiny by regulators and the markets," Geithner said of the international deal.
He also vowed to fight any loopholes that would weaken the reforms.
"The American people have suffered through too much to enact reform that does too little," he wrote.
AFP Global Edition
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