Geithner urges prompt action on financial overhaul

By The Associated Press

WASHINGTON — Treasury Secretary Timothy Geithner is pushing Congress to move quickly in overhauling the nation’s badly flawed financial rules, which he says is essential for the health of the economy.

Both the House and Senate are making progress toward revamping the current regulations, but Geithner said a rapid conclusion is needed to keep the economic recovery on track.

“To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the 21st century,” Geithner told the Joint Economic Committee Thursday.

Both the House Financial Services Committee and the Senate Banking Committee are working on their own versions of sweeping overhaul plans. But the two panels are taking sharply divergent approaches in some areas.

Both proposals also face sharp opposition from major sectors in the financial industry, casting doubt on how quickly Congress will be able to reach agreement and send a finished bill to the White House.

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