Treasury Secretary Timothy Geithner is looking ahead at meeting the federal officials and other regulatory agencies in order to give the final shape to the Consumer Financial Protection Bureau.
The bureau was formed as part of the monetary revamp observed in the nation recently. The new legislation will monitor the consumer financial products by scrutinizing the transactions via mortgages and credit cards.
In the wake of the tax deduction scheme’s expiration in the US, Treasury Secretary, Timothy F. Geithner, has assured that the evasion of tax on affluent Americans would not hinder the growth in the gradually recovering economy.
Leading economists have raised concerns over the possibility of a sloth in the economic growth after the expiration of the tax cuts, as majority of the Government funds are met by the tax deductions of highly-paid citizens in the nation.
Timothy Geithner, the US Treasury Secretary has warned that the economy of US is still going under a very difficult period. The Treasury Secretary has also revealed that the government of US had recovered half of the fund it had invested on the Troubled Assets Relief Program also called TRAP.
According to the records, the TRAP investment had produced 24 billion dollars in additional revenue for the taxpayers.
Millions of US citizens are still unemployed and suffering from the damage done by the deep recession. The affect of the crisis will continue for a long time.
Treasury Secretary, Timothy Geithner has revealed that the foreclosures are going to happen in the coming times because Obama administration’s scheme has not worked out.
Panel member of Treasury's Home Affordable Modification Program, Kenneth Troske had reportedly put forth a question to Geithner regarding foreclosures.
Geithner responded that the program of Obama’s administration was not planned to avoid foreclosures. He said that the program was not designed to maintain ownership of homes at an attainable level.
Expressing concern over Beijing’s alleged bid to undervalue its currency yuan, a key US lawmaker has said he would act fast on the legislation that aimed at penalizing Chinese goods. In early April, the US Senate had delayed on whether to name China a currency manipulator.
An indication about the United States losing patience on China's currency policy was made public by Treasury Secretary Timothy Geithner, who told a U. S. Senate that Beijing’s “yuan-manipulating tactics” could leave a harmful impact on other economies of the world.
US Treasury Secretary Timothy Geithner has said that country’s AAA debt rating was not in danger.
Mr. Geithner’s comments emerged in wake of Moody's Investors Services’ warning that the US treasury bonds could lose their triple-A rating unless the Government reduces federal budget deficit.
When asked whether the country would lose its top rating, Mr. Geithner said, "That will never happen to this country."
U. S. Treasury Secretary Timothy Geithner has urged Banks to boost lending to small businesses and consumers who are facing tight credit and mounting unemployment.
Timothy Geithner said that banks should shoulder some responsibility for the recent economic crisis.
Speaking at the Small Business Financing Forum in Washington, he said, "We need banks to be working with us, not against recovery."