Treasury Secretary Timothy Geithner and other senior administration officials met with multiple consumer and public interest activists on Wednesday and the administration later detailed the standards it believes would make any new consumer protection regime accountable and effective.
According to a Treasury spokesman, a new consumer protection regime must have:
- 1) Real independence to make and carry out decisions.
- 2) Independent leadership appointed by the President, confirmed by the Senate.
- 3) Independent budget and administration.
- 4) Independent ability to set clear rules for the consumer financial services marketplace and enforce them.