A showdown is looming in Congress over proposed financial sector reforms, and Vice President Joe Biden says those changes are needed to help protect the security of the American people.
Biden and U.S. Treasury Secretary Tim Geithner were at the UW-Milwaukee Tuesday, where they addressed business students on the need for reform legislation.
Biden says the proposal is of particular importance to the middle class, because those are the people who suffer the greatest impact when the economy becomes unstable. He says the bill would tighten regulations on securities trading, make it easier to liquidate failing firms, and provide new consumer protections.
Geithner says the reforms won’t satisfy everyone, but they will fix what cause the most recent economic crisis and they will lessen the damage from any future financial problems the nation could face.
The Senate on Monday blocked debate on the legislation. Geithner says the public should push for action, rather than letting banks dictate the financial policy of the nation.
AUDIO: Andrew Beckett reports (1:00)