President Barack Obama and Secretary of the Treasury Timothy Geithner centered their press conference on economic issues. Obama opened by emphasizing the need to restore consumer confidence and economic stability. Geithner then presented a more detailed account of how to reach these objectives through legislation.
Geithner wants to use his reform strategy as the “New rule of the road” to protect consumers and investors through greater government regulation. This regulation applies to distressed companies but also allows the government to preemptively regulate certain companies that could put the American economy at risk.
Republicans have responded by calling this bill reckless and unconstitutional. Not surprisingly the administration disagrees and feels these reforms are necessary to build back consumer confidence and credit in the market. Stay tuned to see Congressional reactions.
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