WASHINGTON, July 22 (UPI) -- A repeal of the Wall Street financial reforms, as argued by House and Senate Republicans, is "inconceivable," U.S. Treasury Secretary Timothy Geithner says.
For the past week, Republicans have argued for a repeal of the financial overhaul law, saying it is government overreach and threatens the growth of the U.S. economy, The Hill reported Thursday. Geithner said the bill reflected input from some of the Republicans now calling for its repeal.
"The reason why this bill became law was because Republicans decided they could not block it, that they could not, that it was untenable for them to block it," Geithner said. "It is inconceivable to me that they would find it compelling to try to undo the basic architecture of reforms, and I think that's a good thing."
President Barack Obama signed the measure into law Wednesday.
The overhaul includes a consumer protection bureau, new regulation of the $600 trillion derivatives market, a board of regulators to oversee financial risks and a new system to close down failing financial institutions, The Hill reported.
Geithner also said Thursday the administration will allow tax cuts for Americans in top income groups to expire on schedule, The Wall Street Journal reported.
He told reporters at a breakfast meeting the White House plans to extend middle- and lower-income tax cuts that are also scheduled to expire.
"We believe it is appropriate to let those tax cuts that go to the most fortunate expire," Geithner said.
