Timothy Geithner


Peter DeFazio, a Democrat from Oregon and one of the chairs of the Populist Caucus in the House, just called for the firing of Timothy Geithner and Larry Summers, saying that Barack Obama’s economic team is failing him. He said that there’s a “growing sense” in the caucus that a new economic team committed to jobs and American workers is needed to replace the one primarily concerned with Wall Street.

DeFazio said that “boos” accompany Geithner and Summers’ names in the Populist Caucus meetings. Earlier this month, Sen. Maria Cantwell (D-WA) openly wondered why Geithner still has a job, but DeFazio took it a step further by saying,

“We may have to sacrifice two more jobs to get millions more for Americans.”

This comes at a time when Timothy Geithner is pushing Congress to move quickly in overhauling badly flawed U.S. financial rules, which he says is essential for the health of the economy.

Both the House and Senate are making progress toward revamping the current regulations, but Geithner said a rapid conclusion is needed to keep the economic recovery on track.

“To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the 21st century,” Geithner said in remarks prepared for an appearance Thursday before the Joint Economic Committee.

Both the House Financial Services Committee and the Senate Banking Committee are working on their own versions of sweeping overhaul plans. But the two panels are taking sharply divergent approaches in some areas.

Both proposals also face sharp opposition from major sectors in the financial industry, casting doubt on how quickly Congress will be able to reach agreement and send a finished bill to the White House.

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