Geithner's Willful Negligence; Treasury Secretary Ignored Economic Impact of New Bank Reporting Rules
Byline: Richard W. Rahn, SPECIAL TO THE WASHINGTON TIMES
What would you think of a secretary of the Treasury who failed to do serious cost-benefit analysis about regulations that could cost millions of Americans their jobs and cause innocent people to be subject to political abuse or worse and yet have almost no benefit to the United States?
Over the past several years, Treasury Secretary Timothy F. Geithner was warned by many private economists and members of Congress of the adverse consequences of a proposed rule that would force U.S. banks to be uncompensated tax collectors for foreign governments. On April 17, Mr. Geithner issued the rule anyway.
Rep. Bill Posey, Florida Republican, responded by saying: The administration's decision overturns a hundred-year-old policy that has …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Geithner's Willful Negligence; Treasury Secretary Ignored Economic Impact of New Bank Reporting Rules. Contributors: Not available. Newspaper title: The Washington Times (Washington, DC). Publication date: May 1, 2012. Page number: B04. © 2009 The Washington Times LLC. COPYRIGHT 2012 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.