Secretary Geithner traveled to Atlanta, Georgia. While there, the Secretary met with a group of local business leaders to discuss the state of the economy, fiscal policy, and U.S. competitiveness.
In remarks at the International Monetary Conference (IMC), Secretary Geithner reviewed the progress made to date in transforming the U.S financial system, strengthening its resilience and soundness, and implementing the Wall Street reforms of the Dodd-Frank Act. He outlined the main challenges and consequential choices still ahead in helping ensure U.S. financial stability, as well as in promoting a level global playing field that meets high standards and avoids regulatory gaps and arbitrage. The Secretary highlighted capital requirements and derivatives as foremost among the challenges of international cooperation on financial reform going forward. He conveyed that just as new global requirements on capital are critical to reducing the risk of failure of institutions, we need to lay the foundation for the same type of global approach to constraining risk in the derivative markets. As we continue to push for swift and closely aligned progress with the implementation of financial reforms in Europe, Secretary Geithner also noted our intention to increasingly look beyond those jurisdictions to focus on heading off a race to the bottom in Asia.
Read his remarks.