Geithner on Financial Reform (Snore)
Treasury Secretary Timothy F. Geithner is pushing Congress to move quickly in overhauling the nation’s badly flawed financial rules, which he says is essential for the health of the economy.
Both the House and Senate are making progress toward revamping the current regulations, but Mr. Geithner said a rapid conclusion is needed to keep the economic recovery on track.
“To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the 21st century,” Mr. Geithner said in remarks prepared for an appearance Thursday before the Joint Economic Committee.
Both the House Financial Services Committee and the Senate Banking Committee are working on their own versions of sweeping overhaul plans. But the two panels are taking sharply divergent approaches in some areas.
Both proposals also face sharp opposition from major sectors in the financial industry, casting doubt on how quickly Congress will be able to reach agreement and send a finished bill to the White House.
Mr. Geithner said a crucial principle the administration wants to see adopted is ensuring that firms not be able to escape or avoid oversight by shopping for the most lenient regulator, a situation critics say contributed to the worst financial market crisis in seven decades.
Perhaps instead of postulating on things that are best left to grown ups, Timmy should be helping OMGObama fill some still-open Treasury positions with individuals who do pay their taxes:
President Barack Obama's choice for a top job in the Treasury Department did not disclose all of her late tax payments until she was repeatedly prodded by Senate investigators, a congressional report issued Wednesday said.
Obama's nominee for undersecretary of the Treasury for international affairs, Lael Brainard, is the fifth presidential nominee to reveal tax issues during the congressional vetting process.
Brainard was late in paying real estate taxes in 2005, 2006 and 2007 on property in Northern Virginia, according to the report by the Senate Finance Committee staff.
The report also challenges the accuracy of a deduction Brainard claimed for running an office from her home. The challenge led Brainard to reduce the deduction on her 2008 return, though she declined to adjust returns for 2005, 2006 and 2007, telling committee staff she used a reasonable method to calculate the deductions.
Brainard paid most of the late property taxes before she was nominated, in March. However, she told the committee that she realized after her nomination that her 2008 property taxes had not been paid. They were paid in September, the report said.
Those in glass houses shouldn't throw stones. And those in broke Treasury buildings shouldn't stick their freakishly hooked beaks into business that's best left to adults who know what they are doing.
p.s. LOLFed guesses that he's also bad in bed. I'm going to go ahead and say they are probably right.