WASHINGTON (AP) — Treasury Secretary Timothy Geithner is urging top bankers to accept tough new financial regulations passed in response to the 2008 financial crisis, instead of pressuring Congress to weaken them.
Speaking at a banking conference, Geithner criticized banking executives who are supporting Republican efforts to block resources needed to implement the law. The measure was passed last year when Democrats controlled both chambers of Congress.
Geithner says the strongest and best managed firms have the most to lose if the regulations are weakened. That's because their competitors would benefit the most from loopholes and hurt the entire financial system.
Geithner says the top U.S. financial institutions "should be champions, not opponents of getting strong capable people to lead and staff the oversight bodies."