Treasury Secretary Timothy Geithner convened with bank lobbyists to discuss legislation aimed at minimizing big banks for the sake of economic security. Geithner stressed speedy bank reform as a means of generating lasting economic expansion.
Geithner met with the lobbyists for the first time in months. In attendance were Financial Services Forum President Rob Nichols, president of Private Equity Council Doug Lowenstein, U.S. Chamber of Commerce vice president Bruce Josten and other lobbyists representing affected banks.
The meeting is in tandem with Senate Banking Committee Chairman Christopher Dodd’s legislation that, should it gain the filibuster-proof 60 votes required to pass in Senate, would entirely restructure financial institutions.
While it was widely agreed upon that the Federal Reserve should continue to oversee banks an alternate conversation that would strip them of that command. Dodd, alongside Alabama Senator Richard Selby discussed the possibility of replacing the central bank with an official bank regulator to free them up to focus exclusively on monetary policy.
Lobbyists argued against the introduction of a Consumer Financial Protection Agency, charged with writing rules for credit cards and mortgages.
Lobbyists were; however, in favor of Geithner becoming the chairman of the risk council in the even that it goes through.
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