Tim Geithner on Bloomberg (NYSE:FRE),(NYSE:FNM)
Today (April 2nd) Treasury Secretary Timothy Geithner talked with Bloomberg's Peter Cook about the outlook for the U.S. economy and touched on Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM). Geithner said the U.S. economy is showing signs of entering a period of sustainable growth as companies begin to hire.
Geithner: "We're very close on the substance... I think that if you listen carefully, you'll see Republicans moving our way on this because it's very hard, given the damage caused by this crisis, for anyone to stand up and say, 'We don't need strong protections for consumers and we don't need to limit risk taking in the financial sector."
Senate Banking Committee Chairman Christopher Dodd has said he hopes to bring his reform bill to the Senate floor shortly after Congress returns from its Easter recess on April 12. The bill had no Republican votes in the committee, but Dodd hopes to win the backing of a handful of Republicans for Senate passage.
Republicans have objected to the creation of a new consumer financial protection agency, which Geithner reiterated was a core priority for reform. A House of Representatives bill contains a stand-alone agency.
"It's hard for anyone to be against that," Geithner said.