Treasury Secretary Timothy Geithner sat down with FOX Business Network’s (FBN) Peter Barnes to talk about China and the currency exchange issue saying, “I think China will decide it’s in their interest to move.” They also spoke about the financial reform bill.
Here are a few excerpts from the interview : Courtesy of Fox Business Network
On China keeping value of currency low compared to the dollar:
“It is a very important issue. It’s an important issue for China. I think China will decide it’s in their interest to move.”
On concern over a trade war breaking out with China:
“No I’m not concerned about that.”
On what the President wants to improve on Dodd’s bill:
“The key tests for us are strong independent authority to protect consumers and strong authority to set limits and constraints on risk taking. We want to make sure the government has tools to deal with future AIGS, future Lehman Brothers. We will not support the bill (if it doesn’t have that).”
“I think we’re getting closer to a strong credible set of reforms, but it’s got to meet that key test.”
On whether he and the Administration are using this as an election platform:
“You have a lot of people trying to slow this down. We’re going to resist that because it’s not the right thing to do.”
On the bill’s provision that the President appoint the NY Fed President:
“I don’t think that any of those banks or the fed should be in a position where there is a perception that banks play a role in policy. I think it would be good to reform the governing structure so you don’t have banks picking directors.”
