Treasury nominee Geithner pledges to reform bank rescue plan
WASHINGTON (MarketWatch) — Timothy Geithner, President Obama’s nominee to be Treasury Secretary, pledged Wednesday to undertake fundamental reform of the government’s bank rescue efforts. Geithner acknowleged that there is widespread unhappiness with the plan and that the program “has allowed too much upside” for banks. But Geithner said the government couldn’t pull the plug on the program. He said the bailout was too important to fail. Geithner pledged aggressive action to get the economy moving again. He said that it was also urgent to reform the U.S. financial system. Geithner’s prepared remarks shied away from specifics. He stressed that confidence in the dollar was critical to the economy.
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