VOA标准英语2009年-Geithner Calls for Coordinated Global Acti

U.S. Treasury 1 Secretary Timothy Geithner said broad, coordinated 2 global action is key to repairing the damaged credit markets and lifting the world out of recession. He said the Obama administration wants Congress to act quickly on legislation that would give it new powers to seize financial firms whose collapse 4 could jeopardize 5 the U.S. economy.
　
US Treasury Secretary Timothy Geithner at Council on Foreign Relations in New York, 25 Mar 3 2009

Speaking Wednesday at the Council on Foreign Relations in New York, Secretary Geithner said the United States should never again be faced with having to choose between a financial meltdown and massive taxpayer 6 bailouts. He said global financial recovery and reforms must be coordinated with the international community.

"Because we've learned that risk does not respect national borders, our plan will not focus solely 7 on improving the basic framework in the United States. But we need the world to move with us and reach consensus 8 on a broader set of global standards that can be applied 9 more evenly and enforced more credibly 10 around the world," he said.
　
AIG CEO Edward Liddy testifies, 18 Mar 2009, before the House Capital Markets, Insurance and Government Sponsored Enterprises subcommittee

On Tuesday, Geithner told Congress that the government must have the authority to seize non-bank entities 11, arguing that massive destabilizing dangers can come from financial institutions - a lesson learned from the rescue of American International Group, or AIG, a giant insurer that received a $180 billion taxpayer bailout.

Geithner is scheduled to testify to Congress on Thursday, where he will outline the Obama administration's proposals for an overhaul 12 of the nation's financial regulatory structure. The legislation will seek to limit risk-taking at firms and would raise regulatory requirements to ensure that banks have enough money on hand to weather an economic downturn.

Geithner said President Obama will present these points at next week's G-20 economic summit in London.

"I think you are seeing, around the world, a very strong commitment to action on the global crisis. I think you look at what's happened to monetary 13 policy and fiscal 14 policy across the countries of the G-20, you have a lot of financial force now coming on screen," said Geithner. "If you contrast what is happening in this crisis to what we saw in the last major global crises of the last several decades, I think you are seeing more action now on a broader scale," he noted 15.

Europe and the United States have been at odds 16 over ways to deal with the economic crisis, with Washington pushing the 27-nation European Union to spend more to fight it.

France and Germany said Tuesday that the G-20 summit must produce stricter financial market regulation and should not rely so heavily on stimulus 17 spending and taxpayer bailouts.

Geithner said that one of the most tragic 18 elements of the economic crisis has been the lack of protections for taxpayers 19 and consumers. He said the most vulnerable and often the most financially responsible individuals have suffered the most.

The Obama administration in the coming weeks also will propose new and stronger rules to protect consumers and investors 20 against financial fraud and abuse.