Treasury secretary Timothy Geitner went before the Senate banking committee on Thursday to explain the administrations plans on financial regulation, and was greeted with much skepticism.

There is a great deal of criticism of the proposed regulations by not only congressional members, but throughout the economic community. Among concerns voiced are that the current destitution of the American financial services industry will become permanent, that the moves will decrease America’s ability to compete globally, and, basically, too much weight is attached to populist objectives.

The Senators were particularly concerned that the Federal Reserve would gain too much power. For an in depth article please go to David Stout’s article in Thursday’s
New York Times.