Treasury: Geithner pursuing G-20 financial reforms
Published 9:50 am Wednesday, May 12, 2010
WASHINGTON — The Obama administration says the United States and Europe are in agreement on the need to achieve a global framework for regulating complex financial products known as derivatives.
The Treasury Department issued a statement after a meeting today between Treasury Secretary Timothy Geithner and European Commissioner Michel Barnier, who is in charge of overseeing financial markets for the European Union.
The statement says the two men had reviewed the progress being made in implementing the commitments made by the Group of 20 major economies to strengthen financial regulations in the wake of the banking crisis that struck in 2008.
Treasury said the two men had agreed on the need to reduce systemic risk by dealing with the too-big-to-fail problem and working to put in place a global framework for comprehensive regulation of derivatives trading.
