Geithner Gets Huge New Powers

A year ago, people were predicting his demise, but few stand to benefit from financial reform as much as Treasury Secretary Timothy Geithner. The Washington Post says he’ll have “vast powers to determine the final form of the new rules.” The final bill, which is similar to his own proposal from last year, puts him in charge of a new council of senior regulators and also the new consumer-protection bureau until a director is confirmed by the Senate. He’ll also be able to color in the legislation’s many gray areas—for example, deciding whether financial derivatives are subject to the new trading rule. “In wake of the bill’s passage, there is recognition within the administration as well as on Capitol Hill that Geithner is not going anywhere anytime soon,” The Washington Post says.