WASHINGTON – Treasury Secretary Timothy Geithner says a strong overhaul of the financial system will emerge from the current impasse in Congress and protect taxpayers against fraud and abuse in the financial industry.
Geithner says the best way to prevent a new financial meltdown is to put protections in place "ahead of the storm."
He says he is confident there will be enough votes to pass a strong package of financial reforms, despite solid Republican opposition in the Senate. Geithner spoke to NBC News' "Meet the Press" in an interview that airs Sunday.
Geithner declined to comment on the Securities and Exchange Commission's decision to charge Goldman Sachs & Co. with fraud relating to its sale of mortgage investments.