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Geithner Urges Congress to Approve Financial Regulation Reform


UU.S. Treasury Secretary Timothy Geithner is urging congressional approval of the administration's plan to overhaul financial regulations.

Geithner is appearing before key congressional committees Thursday.

President Obama has said flawed regulation and enforcement played a key role in the financial meltdown, and he has crafted legislation intended to fix these problems.

The Treasury Secretary will give lawmakers additional details of reform proposals, which give the U.S. central bank more power, set up a consumer protection agency to oversee financial products, and give special oversight to financial institutions large enough to endanger the economy if they collapse.

Skeptical business groups and Congressional Republicans have already criticized the plans.

Critics say the proposals add needless layers of regulation and give the government too much control of free markets.

Some information for this report was provided by AP, AFP and Reuters.

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