Geithner Urges Overhaul Of Financial Regulations

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says the severe banking crisis shows the U.S. financial system failed a major test and is in need of an overhaul.

Geithner told a Washington conference Monday night that the Obama administration plans to work with Congress to put in place a stronger, more stable system.

He said it is important to get it right because the world is watching to see whether the country can correct the flaws that have been exposed.

Geithner will appear before Congress on Tuesday and Thursday to unveil the administration's proposals to reform and modernize financial regulation.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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