Tim Geithner, Treasury secretary, said there was “a lot of dumb regulation in our country” and urged lawmakers to enact quickly the administration’s plan to reform the system, in spite of resistance from the financial industry and other regulators. “Every financial crisis of the last generation has sparked some effort at reform, but past attempts began too late, after the will to act had subsided,” he told the House financial services committee, which will start drawing up legislation in September. “That cannot happen this time.”
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