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American Bankers Association CEO Frank Keating on who would be best to take over for Tim Geithner.
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A big decision coming.
For the president here pretty soon and he's gonna have to pick a new Treasury Secretary and that decision.
Wherever he -- to replace Tim Geithner it could tell us a lot about his relationship with Wall Street in the future regulations so let's bring Frank Keating and -- former governor of Oklahoma but now the president and CEO the American Bankers Association so if you had a choice there.
And it was between Jack -- the current chief staff to the president has been most prominently mentioned as a possible Treasury Secretary at Erskine Bowles the the bulls and Bowles Simpson former Clinton chief of staff.
-- -- -- Is for -- choice.
-- -- actually since I don't have a choice I don't think I can speculate.
-- those are good names obviously.
I was on the Rivlin -- -- debt deficit panel.
Bowles Simpson had a lot of similar ideas to Mars Erskine Bowles is very very capable Jacqueline is very -- person as well.
But I think what we need to do as Americans.
Is to select a secretary of the treasury and the president is the person makes a decision the senate will confirm.
Who has banking commercial banking experience knows how to make loans how to take deposits somebody who with a presence direction.
We'll set a goal -- an agenda for the American economy to remain the richest most powerful economy in the world and how do you do that look at regulation look at tax policy.
Look at incentives even look at the education system in the country.
To encourage Americans can be employed gainfully and remain employed throughout their entire lives so this is a huge selection -- we really need is a country someone who will be the economic spokesman.
For all Americans red states and blue -- a life.
First while per -- talking about tonight Jamie -- amendment and -- -- -- a -- big bank is that what you're suggesting.
What are saying somebody who has a commercial background commercial banking background.
But for example of people that you mention if those -- the finalists and hopefully there is a short list if mr.
Geithner is going to.
Withdraw from the scene I would hope that there would be an agenda for that person.
-- financial oversight stability council BF sock the Treasury Secretary chairs is to look at systemic challenges to the economy.
What about Basel III this European construct -- could really crippled lending and banks community banks from sea to shining -- how about Dodd-Frank.
What raised to be amended out added in all of these things need to be debated in the next six months and it Treasury Secretary who really knows how do.
Make fire happen is the guy that we need.
We -- god we think dot -- just out as an example of the other things that you mentioned and then and the regulation that comes along with it.
What affect will that have on.
-- your membership number one and number two isn't that would you could see that it's politically difficult.
Off for the president to pick somebody even if its commercial banking supposed investment bank -- somebody with they.
A Wall Street like background the current environment.
Well of course there -- a lot of banks in this country.
And there are very good banks like JPMorgan Chase senator Jamie Dimon of their a lot of -- in this country that are regionals smaller institutions other Wall Street.
Commercial banks that are very well run very may very well managed.
So these her all the credentials hopefully that will go into the next to determine who should that person be remembered that person should be able to set an agenda.
Had the full free hand of the president to write all of that agenda.
And obviously to make changes necessary to make the economy -- -- that we are not growing and this is not sufficient.
Whoever they ought to -- whoever attacks us -- or balls or anybody else that if it's this president's Treasury Secretary not gonna pull back on things like Dodd-Frank Wright and Huckabee less.
Regulation or is there.
Or remember Dodd-Frank was passed largely by Democrats salon.
And I've talked to Democrat members of the house and senate -- do agree that there need to be some changes.
There are a lot of complex things coming out -- 9000 pages of proposed and final rules as we speak.
On every bank in the country from the smallest of the largest is.
Under the again.
The average community bank has 35 employees Connell how they responded 9000.
Pages of regulation.
And then this Basel III is -- -- mortgage lending single family home lending.
Second mortgage home improvement loans in the like.
These are serious matters that the president needs to put in the lap of the new Treasury Secretary and saying.
Except grow the economy that's why whoever selected is hugely significant.
Governor Frank Keating now the head of the American Bankers Association thank you as always -- Sure thanks -- -- about.
