Is Geithner Planning a Stealth Attack on the Wall Street Reform Bill?
Champions of financial reform who fought hard for a strong Wall Street reform bill this year know they cannot let down their guard. They are tracking and countering the moves of the big banks as they try to weaken the Dodd–Frank Wall Street Reform and Consumer Protection Act during its implementation phase. They are bracing for a battle with Republicans who are threatening to repeal key parts of the law. What they were not expecting was a rear-guard attack on the recently passed measure from the Obama administration.
Evidently, Geithner is interested in exempting the $24 trillion – that is trillion with a "t" – foreign exchange (or forex) market from the clearing and transparency requirements of the act.