…In his prepared remarks, Geithner said the U.S. economy is headed “in the right direction” after the financial system was falling apart at the height of the crisis. The economy is now “healing” and growing again, he said, and he called on lawmakers to shore up the recovery through bipartisan cooperation on measures to boost hiring and help small businesses.
“TARP was the single-most important program that prevented a meltdown in our financial system,” said Tony Fratto, who served as a White House and U.S. Treasury official under President George W. Bush. “Many members of Congress — on both sides of the aisle — fell on their swords during a tense and difficult time to get it done.”
Some said the law limits Treasury’s role to overseeing the integration of employees from various federal agencies into the new shop and would not include the ability to write new regulations. Others say that is too limited an interpretation.
Former Bush administration official Tony Fratto said it would have been virtually impossible to confirm Warren ahead of the November congressional elections and even harder to do so afterward, with Republicans likely to make gains in the Senate…