Geithner pledges quick action on financial rules

By Martin Crutsinger Associated Press

WASHINGTON — Treasury Secretary Timothy Geithner says the Obama administration will move quickly to implement new financial regulations while eliminating those that are outdated.

Geithner says the administration has no desire to simply layer new rules on top of those in place that are not working.

Geithner’s comments came in excerpts Treasury released in advance of a speech he is scheduled to deliver this afternoon at New York University. The address will launch an effort by Treasury officials to explain how the administration will be implementing the overhaul bill that President Barack Obama signed into law on July 21.