Geithner: Consumer protection language coming soon

The Treasury Department will provide language to Congress outlining its proposed reforms of the financial regulatory system within the next few days, Secretary Tim Geithner said Thursday.

Speaking after a meeting of the “working group” to overhaul financial regulations, Geithner said that the Obama administration would start working with relevant congressional officials to begin crafting legislation for the regulatory overhaul.

“We expect to provide the Congress within the next few days legislative language for this important, new consumer protection agency,” Geithner told reporters.

President Obama announced the initiative to reshape regulations earlier this month, and House and Senate committee heads said that they’d hoped to begin holding hearings on the issue late this summer or early in the fall.

The Treasury secretary said that the administration would lay out its proposals on other core elements, such as new capital requirements and supervisory authority, a bit later.

“We’re going to move forward with detailed legislative proposals on the other remaining core parts of the agenda in the coming weeks and months,” he said.