UPDATE 1-Geithner sees critical moment for financial rules

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WASHINGTON, April 14 (BestGrowthStock) – U.S. Treasury Secretary
Timothy Geithner said on Wednesday an overhaul of financial
regulations was at a “critical moment” and said he believed a
legislative agreement was close.

Geithner, briefing reporters at the White House after
President Barack Obama met congressional leaders, also said the
U.S. economy was “recovering faster than expected” and emerging
from recession faster than other global economies.

Geithner spoke mostly about the financial regulation
debate. “I think it’s a critical moment for reform, a promising
moment, a lot of hard work, a lot of progress,” he said.

Rejecting a key Republican argument, Geithner said Obama
would not support a financial regulatory bill that creates the
risk of perpetual bailouts. He said the administration would
continue to listen to Republican ideas.

As for Republican complaints that the Democratic
legislation does not address the need to reform housing finance
giants Fannie Mae and Freddie Mac, Geithner said the decision
not to include that issue in the bill was deliberate.

He said the issue is starting to be addressed now.

Geithner also said the Obama administration felt that any
financial regulation bill “must bring derivatives out of the
dark.”
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(Reporting by Caren Bohan and Ross Colvin, editing by Jackie
Frank)

UPDATE 1-Geithner sees critical moment for financial rules