Treasury Issues Standards For Consumer Protection Rules
Reserves Secretary Timothy Geithner and other senior administration officials met with multiple consumer and public interest activists on Wednesday and the administration later meticulous the standards it believes would make any new consumer protection regime ?accountable and effective.?
According to a Reserves spokesman, a new consumer protection regime must have:
- 1) Real independence to make and carry out decisions.
- 2) Independent leadership appointed by the President, confirmed by the Senate.
- 3) Independent budget and administration.
- 4) Independent ability to set apparent rules for the consumer financial services market and enforce them.