OutFront Exclusive: Timothy Geithner Vows U.S. Will 'Never Again' Be Vulnerable to 'Abuse, Mistakes, Excessive Risk Taking'
In an exclusive interview, Treasury Secretary Timothy Geithner tells CNN American banks are "pushing back" against reforms–and customers are paying the price, in the form of higher fees.
"The banks are blaming the reforms and the government for everything, including lots of problems that they themselves were central to causing," Geithner told CNN's Erin Burnett. "Most people are terribly angry and frustrated with that and they want to see things change."
Geithner–appearing on Erin Burnett OutFront–says the banks may be resisting reform, but the Obama Administration is "going to push back harder, and in the end we're going to prevail because what we're doing is a reasonable, sensible thing to make sure the American economy is never again vulnerable to this degree of basic abuse, mistakes, excessive risk."
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Congrats on your new show,still miss u an Mark on CNBC, esp. Mark, he always brought the other side to issue and didn't just go along with a lot of the B.S. that most of your guest brought. Anyway, on your new show, you ask one of the protesters if he was aware that the banks had paid back the money and the tax payers had made a profit ! I don't know , but I feel Mark would have added "how much money the banks have "made" off the taxpayers by borrowing "interest free" an "risk free" at the fed window, an loaning it back at 2 or 3 percent. What is the diff and did the taxpayer really make any money, since we are paying the interest. Thank U.
Just saw on Jon Stewart that only 38 of the 400 reforms from Dodd-Frank have actually been implemented.
Subjectively speaking, I really enjoyed this interview & hope you all keep doing stuff like this. Also, thanks for addressing the CFPB & progress on Dodd-Frank. I hope the Secretary is right about the reforms holding up, because there are a lot of people out there who feel that Dodd-Frank didn't go far enough & are calling for the reinstatement of the Glass-Steagall Act, or a Tobin tax like the one being proposed in Europe.
If your show could shed some light on those proposals & what their economic effects would be, that would be a big help to those of us just trying to make sense of all this.
If you visit moveyourmoneyproject.org & click "Find a Bank/Credit Union," it'll take you to a search engine for smaller banks & cred unions which won't implement regressive fees, which are pretty immoral to begin with. Plus, according to FDIC, "small banks" had only 11% of the share of bank assets, yet contributed 34% of small business lending, which constitutes a commercial or industrial loan of up to $1 million. The 20 largest banks, holding a 57% share, only make up 28% of small business lending.
Therefore, you're not only saving yourself from unnecessary fees, you'll be helping your community.