Treasury Secretary Timothy Geithner Comments on US, European Economies

Currently, Treasury Secretary Timothy Geithner is testifying before a House Panel.

Thus far, Geithner has stated that the US has a huge stake in the resolution of the European crisis. He stated that the global economic environment is uncertain. Geithner stated that he welcomed the recent Saudi statement on oil production.

Geithner stated that the US is far ahead of Europe in terms of the economy, and that the US has the capacity to address the concerns with regards to the Volcker rule. Still, Geithner stated that the Volcker rule provides no meaningful risk to global liquidity. Some critics of the rule have alleged that the implementation of the Volcker rule would dry up liquidity for global debt instruments.