Treasury Secretary Timothy F. Geithner said on Monday that the economic crisis showed that the American financial system had failed a major test and was in need of an overhaul.
Speaking at a conference in Washington, Mr. Geithner said that the Obama administration planned to work with Congress to develop a modernized government regulatory structure for financial institutions.
He said it was a “terrible, tragic thing” that the government did not have better tools, such as the power to take over major firms, when the credit crisis accelerated last fall.
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