Testifying to the Senate committee considering his nomination, Mr Geithner said the Obama team was working on a “comprehensive plan” to deal with the banks and hoped to unveil it soon.
“We're going to have to do more to make sure that the institutions at the core of our system are strong enough that they can lend,” Mr Geithner told the Senate Finance Committee.
He refused to offer any insight into how this might work, in spite of pressure from the markets, saying “we have seen the costs in terms of uncertainty created by tentative signals not followed up with clear actions”.
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