Geithner defends Dodd-Frank, TARP in WSJ op-ed

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Geithner defends Dodd-Frank, TARP in WSJ op-ed
from MarketWatch.com - MarketPulse
LOS ANGELES (MarketWatch) -- U.S. Treasury Secretary Tim Geithner defended financial reform legislation in a commentary for Friday's Wall Street Journal, saying such measures could have helped protect the economy from the 2008 crisis if they had existed at the time. "If these reforms had been in place a decade ago ... the government would have been able to limit the damage that a financial crisis could have on the broader economy," Geithner said. He accused critics of the reforms, particularly the Dodd-Frank Act passed in 2010, of suffering from "financial crisis amnesia." Geithner's comments came as Republican presidential candidates have slammed the laws as interfering with the market. Geithner also spoke of "people in the financial world or their lobbyists ... claiming they didn't need the Troubled Asset Relief Program," or TARP "bank bailout" program, saying, "We cannot afford to forget the lessons of the crisis and the damage it caused to millions of Americans."

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