BETTER MARKETS STATEMENT ON SECRETARY GEITHNER SPEECH

Dennis Kelleher, president and chief executive officer of Better Markets, gave the following response to Treasury Secretary Geithner’s remarks at the International Monetary Conference:

The Treasury secretary is right: preventing another global race to the bottom is essential if we are to avoid another financial meltdown. It is short-sided and corrosive for countries competing to attract business by offering the lowest regulation possible. That is why the U.S. must set high, clear and strong standards for derivatives, capital, transparency and financial regulation across the board.

In addition to talking, the secretary must take action to start a race to the top, especially as chairman of the Financial Stability Oversight Council. U.S. rules must create a safe and sound banking system that isn’t a threat to taxpayers and public treasuries. Secretary Geithner should be setting a high standard and pushing everyone else to meet or beat those standards or punish them if they don’t.