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Geithner Vows To Change The Financial Game

Law360 (March 26, 2009, 12:00 AM EDT) -- Days after calling for the creation of a federal resolution authority for large, intertwined nonbank financial institutions, Treasury Secretary Timothy F. Geithner delivered the Obama administration's broad proposals for financial regulatory reform and promised “new rules of the game” before a House committee Thursday.

Much of the financial collapse that brought on the current recession was caused by unprecedented and irresponsible risk-taking at banks, insurance companies and other financial institutions, Geithner said.

The federal government needs the authority to regulate such risk taking, and in the...
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