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Geithner: Consumers need better financial rules
2009-05-20
WASHINGTON - Treasury Secretary Timothy Geithner is telling senators that consumers and investors need protections against manipulation and deception in financial services. In prepared remarks to the Senate Banking Committee, Geithner (GUYT'-nur) says new financial products have resulted in benefits, but lax regulation has exposed Americans to abuses. Administration and industry officials say the Obama administration is considering creation of a regulatory commission to protect consumers of financial products such as credit cards and mortgages. Geithner hosted a dinner Tuesday to discuss such steps. Geithner told senators Wednesday that government rules should ensure that financial choices are clear, reasonable and appropriate.
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