US economy recovering but fixes needed: Geithner
Washington: US Treasury Secretary Timothy Geithner says the nation is moving toward economic recovery but that the regulatory system is broken and must be fixed.
In remarks prepared for a House hearing on Wednesday, Geithner says Congress must pass legislation that would impose new protections for consumers, create a more stable system and protect taxpayers from bearing the cost of another financial crisis.
Democrats are considering changes to the administration`s regulatory reform plan after an aggressive push back by community banks, who argue that the new restrictions would be too burdensome.
Geithner says that while the Obama administration and Congress may disagree on how best to fix the system, "that cannot mean we do not act".
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