Business and Policy Leader Events

US Treasury Secretary Geithner Speaks at NYU Stern on Financial Reform

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On August 2, NYU Stern hosted Timothy Geithner, US Secretary of the Treasury, who gave his first public remarks since the enactment of the Wall Street Reform and Consumer Protection Act.
The Secretary addressed the core principles that will guide the implementation of these historic reforms, including:

  1. Speed in bringing clarity to the new rules of finance
  2. Full transparency and disclosure, with publication and provision for public comment
  3. Simplifying and eliminating rules that do not work
  4. Safeguarding financial innovation to assure freedom for economic growth
  5. Ensuring a more level playing field among banks and economies abroad through high standards
  6. Bringing more order and integration to the overall regulatory process

geithner sexton henry photo
(L to R) NYU President John Sexton, Sec. Geithner, NYU Stern Dean Peter Henry
The Secretary also cited ways in which the consumer would be protected under the reform measures:

  1. Simplified disclosure and better enforcement on mortgages
  2. Reforming Fannie Mae and Freddie Mac, and the broader mortgage system
  3. Reforming the derivatives market
  4. Setting stronger capital requirements to constrain risk, including new quantitative capital ratios
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Transcript of Secretary Geithner's Speech