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Geithner Says ‘Don’t Listen to Banks’ on Financial Regulation

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July 18 (Bloomberg) -- U.S. Treasury Secretary Timothy F. Geithner said “don’t listen to banks” that blame unfinished financial rules for not being able to lend money.

“Don’t listen to banks about this kind of question because their interests are not aligned perfectly with the broad interests of the American economy,” Geithner said in an interview on CNBC today. “Their job is to evade, or avoid, or weaken, any constraints on their ability to operate. Our job is to try to make sure we’re protecting the American economy from the risks they inevitably take.”

“We’re going to be very careful to make sure we get these rules right, and we’re going to take as much time as we need to get them right,” Geithner said.

To contact the reporters on this story: Ian Katz in Washington at ikatz2@bloomberg.net;

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net