By Silla Brush - 08/02/10 06:31 PM EDT
Treasury Secretary Timothy Geithner on Monday said the government will "move as quickly as possible" to write and enforce new rules over the financial world.
In prepared remarks for a speech in New York City, Geithner said the government would look to "streamline and simplify" federal regulations as agencies begin implementing changes under financial overhaul legislation enacted in July. President Obama signed into law a 2,300-page bill that consolidates agencies, creates new ones and requires hundreds of new rules and studies in an effort to prevent or mitigate financial crises.
The changes will take years to implement fully.
"The rule writing process traditionally has moved at a frustrating, glacial pace. We must change that," Geithner said.
Geithner suggested financial firms should move on their own to change policies.
“Don’t wait for Washington to draft every rule before you start changing how you do business. Get out ahead of the process and out in front of your competitors," Geithner said. "Find new ways to improve disclosure for your consumers. End hidden fees. Don’t push people into loans they can’t afford."