US prepares to push for global capital rules

BuI was going to post this in "why you don't know much about economics..." thread but decided not to cause it could cause a shitstorm in a thread more about the US Economy and not about the US administration. This is a little bit of both.

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The US is preparing to pivot from domestic regulatory reform to a push for a tough new international capital regime after the weekend’s G20 and International Monetary Fund meetings glossed over differences between leading economies.

Tim Geithner, US Treasury secretary, met Mario Draghi, chairman of the Financial Stability Board, on Sunday to discuss the contours of a system that would decide the safety and profitability of banks for decades to come and could eclipse the arguments over bank taxes and regulation.

But the different positions of senior central bank and government officials from several countries expressed to the Financial Times on the sidelines of the G20 meetings in Washington suggested that a final international agreement remains a challenge.

Full article here:

http://www.ft.com/cms/s/0/28959166-5082-11df-bc86-00144feab49a.html

Won't let me link it. Help appreciated.


But Geithner? Really? Just the thought of him heading the effort to establish global rules or standards just gives me chills.