Geithner Defends Plan for Financial Oversight

The Obama administration on Friday scrambled to salvage major elements of its plan to overhaul the nation’s financial regulatory system in the face of significant criticism from the financial services industry and its allies in Congress.

Earlier this week, senior Democrats in the House conceded that they would not be able to complete work on the proposal to create a new consumer protection agency for financial products like credit cards and mortgages before the lawmakers left for their August recess at the end of next week.

The Democrats had hoped to complete action on the legislation this month. But because of opposition to the proposal, Representative Barney Frank, the Massachusetts Democrat who heads the House Financial Services Committee, said on Friday that the committee would work on the proposal in September.

Read Full Article from New York Times

- Posted: 2009-07-24 12:18:41

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