At the end of March, Treasury Secretary Timothy Geithner indicated that in the weeks to come the Treasury Department would be introducing “new rules of the game” pertaining to the regulation and oversight of financial institutions. On June 17, the Treasury Department released an 88-page white paper further detailing the Treasury Department’s proposals.
In prepared remarks before the Senate Banking Committee the following day, Geithner said, “We considered a full range of options and decided that now is the time to pursue the essential reforms, those that address the core causes of the current crisis; and that will help to prevent or contain future crises.” The government’s proposal, however, contains provisions aimed not only at reining in large financial and mortgage institutions at the center of the banking and mortgage crises, but also venture capital funds, which did not have a hand in them.
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