Treasury Secretary Timothy Geithner and Securities and Exchange Commission Chairman Mary Schapiro each testified before different congressional committees today to disclose their recommendations on regulatory reform of US financial markets.
Geithner, who spoke to the House Financial Services Committee, offered a six-point proposal to address oversight of major players in the finance markets and prevent many of the problems that led to panic in financial markets last year:
Identify a single regulator to supervise financial firms of all kinds and make sure that they do not take on excessive financial risks.
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