Snowe Meets with Treasury Secretary Geithner to Discuss Financial Regulation Reform U.S. Senator Olympia J. Snowe (R-Maine) today released the following statement following a one-on-one meeting with Treasury Secretary Tim Geithner on financial regulation reform
BigNews.Biz - Apr 20,2010 - U.S. Senator Olympia J. Snowe (R-Maine) today released the following statement following a one-on-one meeting with Treasury Secretary Tim Geithner on financial regulation reform:
“I appreciate Secretary Geithner taking the time to meet this afternoon. We had a very constructive and frank discussion about the financial reform legislation currently working its way through the Senate and the key is to continue these conversations. I told the Secretary that my primary objective is to ensure that this 1,300-page bill helps create jobs and not stifle small business lending. I encouraged him on the issue of bipartisanship and he was optimistic on that issue. I don’t think it will be impossible, but as I urged the Secretary today, it is vital we ensure that the broad strokes of a bipartisan agreement are reached prior to debate on the Senate floor. We need to address the proposed consumer protection bureau and the best way to avoid another taxpayer-funded bailout, among other things. I also shared my deep concern that we push the vast derivative trading market onto transparent exchanges and we eliminate any chance that taxpayers money will be used to support misplaced bets. Certainly, we need to take drastic steps to rein in reckless Wall Street practices because we do not want our institutions brought to the brink again, but we cannot trample on the job creating engine of our economy in the process. Community banks and small businesses had nothing to do with Wall Street’s excesses and outrages so they should not be penalized with “one-size-fits-all” legislation.”
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