Money world

U.S. Treasury Secretary Timothy Geithner said on Thursday that no financial firms should be able to escape regulation and the largest firms need a single, strong regulator.

“The regulation of the largest, most interconnected firms requires tremendous institutional capacity, clear lines of authority and single-point accountability. This is no place for regulation for council or by committee,” Geithner said in testimony to the congressional Joint Economic Committee cash advance flexible payments.

Geithner also said he expected U.S. economic growth to continue in the fourth quarter and into 2010, but America’s long-term stability and strength could not be ensured without comprehensive regulatory reform.

(Reporting by David Lawder; Editing by James Dalgleish)

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