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Geithner promises to bring clarity to new rules of finance

(Xinhua)
Updated: 2010-08-03 04:42

NEW YORK - US Treasury Secretary Timothy Geithner said on Monday in New York that the government will move as quickly as possible to bring clarity to the new rules of finance.

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During a speech at New York University on what will happen next on the financial regulatory front, the secretary said that "the rule writing process traditionally has moved at a frustrating, glacial pace. We must change that."

US President Barack Obama signed financial regulatory reforms into law last month. However, it is largely a work in progress since rules to implement it are still being drawn up.

Geithner said Treasury will try to speed up the rule-making process.

"We had an obligation to rebuild our financial system so it could, once again, be an engine for economic growth and innovation, " he said.