By Silla Brush - 07/22/10 01:49 PM EDT
Treasury Secretary Timothy Geithner on Thursday said a Republican repeal of the Obama administration’s financial overhaul law is “inconceivable.”
House and Senate Republicans over the past week have argued for a repeal of the financial bill, arguing that it represents government overreach and threatens the growth of the U.S. economy. House Minority Leader John Boehner (R-Ohio) was the first to call for a repeal of the regulatory changes.
“The reason why this bill became law was because Republicans decided they could not block it, that they could not, that it was untenable for them to block it,” Geithner told reporters at a breakfast held by The Christian Science Monitor. “It is inconceivable to me that they would find it compelling to try undo the basic architecture of reforms, and I think that’s a good thing,” he said.
President Obama signed the 2,315-page financial rewrite into law on Wednesday. The changes include a consumer protection bureau; new regulation of the $600 trillion derivatives market; a council of regulators to oversee broad financial risks; and a new system to wind down failing financial firms.
Geithner said the bill reflected input from Republicans who voted against it in the end. He mentioned Sen. Bob Corker’s (R-Tenn.) work to craft tougher rules for how the government winds down failing financial firms.