Geithner Says Regulators Will Modify Existing Rules Not Just Add New Ones

When the Obama administration begins implementing the regulatory overhaul bill it will improve or eliminate some existing regulations, not just create new ones, according to Treasury Secretary Timothy Geithner.

“We will not simply layer new rules on top of old, outdated ones. Everyone that is part of the financial system-the regulated and regulators-knows that we have accumulated layers of rules that can be overwhelming. And these failures of regulation were in some ways as appalling as the failures produced where regulation was absent. So alongside our efforts to strengthen and improve protections for the economy, we will eliminate rules that did not work. Wherever possible, we will streamline and simplify,” said Geithner, in remarks prepared for delivery later today at New York University.