WASHINGTON, March 26 (UPI) -- U.S. Treasury Secretary Timothy Geithner, in his second appearance this week, told a House panel Thursday a comprehensive approach to regulation is imperative.
Geithner told the House of Representatives Financial Services Committee the current financial crisis is the result of regulatory failure and a system that rewarded short-term gains at the expense of long-term growth. Geithner said the United States needs more consumer protections and the regulatory system needs to be simplified so financial institutions cannot cherry-pick the entities that will provide supervision.