Geithner: Key Parts of Financial Reform Coming in 2012

Published: Thursday, 2 Feb 2012 | 4:21 PM ET

By: Reuters with CNBC.com

U.S. Treasury Secretary Timothy Geithner on Thursday warned against easing up on efforts to set stronger rules for the financial sector for fear that gains already made will be lost.

Photo by: Pete Souza Timothy Geithner

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"Much of the excess risk-taking and careless and damaging financial practices that causes so much damage have been forced out of the financial system," Geithner said.

"These gains will erode over time if we are not able to put our full reforms in place," he added.

He said key elements of reform will be coming in 2012, including making nonbank financial institutions such as hedge funds and insurance companies subject to the same financial regulations.

Money-market funds will also come under new regulations.

The administration also plans to wind down Fannie Mae and Freddie Mac as part of its housing reform.COPY www.cnbc.com/