Geithner calls repeal of Wall Street reforms 'inconceivable'

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 BoehnerJohn Andrew BoehnerSpeculation mounts, but Ryan’s job seen as safe Boehner warns Trump: Don't pull out of Korea-US trade deal GOP Rep: Ryan wasting taxpayers dollars by blocking war authorization debate MORE (R-Ohio) was the first to call for a repeal of the regulatory changes.

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Republican senators, including Richard Shelby (Ala.) and John ThuneJohn Randolph ThuneAviation panel recommends Trump roll back safety rules Overnight Regulation: House moves to block methane rule | Senators wrestle with allowing driverless trucks | EPA delays toxic waste rule Overnight Tech: Senate looks at self-driving trucks | Facebook to keep ads off fake news | House panel calls Equifax CEO to testify MORE (S.D.), have also called for a repeal of part or all of the law.

“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 CorkerRobert (Bob) Phillips CorkerOvernight Defense: Senate passes 0B defense bill | 3,000 US troops heading to Afghanistan | Two more Navy officials fired over ship collisions Senate passes 0B defense bill Corker pressed as reelection challenges mount MORE’s (R-Tenn.) work to craft tougher rules for how the government winds down failing financial firms.