01.21.09

Cantwell Supports Nomation of Tim Geithner for Secretary of Treasury

Calls for Regulatory Reform and Increased Transparency

WASHINGTON, DC –During a Senate Finance Committee executive session held today, U.S. Senator Maria Cantwell (D-WA) supported the nomination of Timothy Geithner to be Secretary of the Treasury.  Yesterday, during a hearing on his nomination, Cantwell pressed Geithner on reforming our country’s financial regulatory system.  While he did not lay out a specific plan, he did indicate his strong desire to work with Cantwell and Congress on the issues of reform and transparency.

 

“Our country and our country’s economy is known for innovation, for hard work, for our skilled workforce, and for our ingenuity; but, a lot about our economy has been determined by the financial markets and what’s transpired in the financial markets,” said Cantwell during today’s meeting.  “I want to know whether the smartest guys in the White House are going to find out what the smartest guys in the room are doing.  It’s not whether it’s Enron today, or credit default swaps of the moment.  It’s what’s going to be the next financial tool that’s going to be cooked up.  I am supporting Mr. Geithner in the hopes that we can work with the administration on what new regulations need to be put in place, how to increase transparency over the TARP funds, and to make sure that this administration is aggressive in putting in a new framework that does the job.”

 

Since the Enron scandal in 2001, Cantwell has worked to increase transparency and oversight in our country’s financial and commodity markets.  While Geithner didn’t lay out any specifics on this issue during yesterday’s hearing, Cantwell is optimistic that the Administration will work with Congress on regulatory reform and transparency to get the economy back on track.


During a meeting with Geithner last week, Cantwell discussed her work with former Secretary of the Treasury Henry Paulson on increasing energy cooperation between the United States and China; and, the need to invest in energy technologies in the stimulus package to get the economy growing and create jobs.

 

 

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