Geithner On Move Your Money: Not A Good Idea (VIDEO)
Treasury Secretary Timothy Geithner does not think that Move Your Money is a good idea.
Geithner addressed the campaign against too-big-to-fail banks during a recent interview with Politico. While Geithner said he understood the anger against bailed out banks and said that it was fair for bank customers to expect more, he did not explain why he thought that it was a bad idea.
Move Your Money is a project that seeks financial reform from the ground up. Account holders with money at bailed-out banks are encouraged to withdraw their money and deposit it into smaller, better-managed community banks and credit unions. Wall Street banks have cut lending while accepting taxpayer money and are using profits to fight financial reform in Congress.
Geithner's comments about Move Your Money begin at 3:35. During the same interview, Geithner warned that if Federal Reserve Chairman Ben Bernanke is not reconfirmed, markets would react negatively.