In one of his first acts as Secretary of the Treasury, Timothy Geithner today announced new rules that will make it harder for banks to lobby for a share of money set aside by the Emergency Economic Stabilization Act.
The new rules restrict the contact that bank lobbyists can have with Treasury officials, as well as what members of Congress can do to secure money on behalf of banks in their home districts."
American taxpayers deserve to know that their money is spent in the most effective way to stabilize the financial system," Secretary Geithner said. "Today's actions reaffirm our commitment toward that goal."
Introducing him last night before he was sworn in, President Barack Obama spoke to the challenges Secretary Geithner faces, with a nod to the news that seven major American corporations -- including Caterpillar, Sprint/Nextel, and Home Depot -- announced they were cutting tens of thousands of jobs."
It will take a Secretary of the Treasury who understands those challenges in all their complexities to help lead us forward," President Obama said. "You've got your work cut out for you, as I think everybody knows. But you also have my full confidence, my deepest trust, and my unyeilding belief that you can achieve what is required of us at this moment."
Vice President Biden administered the oath of office to Geithner, who had been confirmed that afternoon."
We are at a moment of maximum challenge for our economy and our country," Secretary Geithner said in his remarks. "And our agenda, Mr. President, is to move quickly to help you do what the country asked you to do: to launch the programs that will bring economic recovery sooner; to make our economy more productive and more just in the opportunities it provides our citizens; to restore trust in our financial system with fundamental reform; to make our tax system better at rewarding work and investment; to restore confidence in America's economic leadership around the world. I pledge all of my ability to help you meet that challenge, and to restore to all Americans the promise of a better future."
As Secretary Geithner thanked his family for their support, he remarked that he was inspired to enter public service by childhood travels with his family."
My parents gave me, among many wonderful things, they gave me the important gift of showing me the world as a child," he said. "They took us to live in Zambia and Rhodesia, and then to India and to Thailand. And from those places, I saw America through the eyes of others. And it was that experience seeing the extraordinary influence of America on the world that led me to work in government."
Learn more at www.whitehouse.gov/briefing_room/
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