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Geithner's testimony on U.S. Treasury budget

WASHINGTON (Reuters) - The following are highlights from U.S. Treasury Secretary Timothy Geithner’s testimony on Tuesday to a Senate Appropriations subcommittee on the Treasury Department’s budget request.

GEITHNER ON REGULATORY REFORM:

“In the next few weeks, we will outline a comprehensive plan of reform that will include systemic risk regulations to ensure that no large and interconnected firm or market can take on so much risk that its failure could destabilize the entire financial system. The plan calls for bolstering consumer and investor protections. And it will streamline our out-of-date regulatory structure so that our regulatory system matches the size, shape and speed of our modern financial system. Together, these changes will help prevent another crisis of the magnitude that we have just lived through.”

GEITHNER ON GLOBAL CRISIS:

“This is a global crisis. Recovery here depends on recovery abroad. We are working closely with other major economies to put in place the fiscal stimulus and make the financial repairs necessary to ensure U.S. and global recovery. The U.S. is seeking to mobilize the financial resources of the better-off nations to help the emerging and developing economies that have been especially hard-hit by this crisis. We are doing this for more than simply humanitarian reasons; as recently as last fall, these economies accounted for fully 42 percent of all U.S. exports.

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