NEW YORK — Timothy F. Geithner, traveling salesman, swept through Manhattan on Monday making a pitch to skeptical bankers, business leaders and even the mayor.
His central message: Far-reaching financial regulations signed into law by President Obama last month aren’t something to fear. Rather, they are the foundation of a stronger economy for the months and years ahead.
“Our system allowed too much freedom for predation, abuse and excess risk,” the Treasury secretary told a crowd of 150 business executives, lobbyists and others during a speech at New York University’s Stern School of Business. “But as we put in place rules for those mistakes, we have to strive to achieve a careful balance and safeguard the freedom, competition and innovation that are essential for growth.”
Full story: Geithner tells bankers not to fear new financial regulations