Treasury Secretary Timothy Geithner told representatives from consumer groups on Wednesday that he won't accept a financial regulatory bill that fails to provide strong market protection for consumers.
According to a summary provided by a Treasury spokesman, Geithner said there should be a dedicated authority with independence to ensure consumers' interests are guarded, but he did not say it should be a stand-alone agency, as some have advocated.
There should be a dedicated authority with the independence and capacity it needs to be accountable and effective, Geithner said.
The summary said that accountability would include independence to make and carry out decisions; independent leadership appointed by the president, confirmed by the Senate and the ability to set clear rules for the financial services marketplace and enforce them.
The summary listed 30 representatives from a wide range of consumer groups with whom Geithner had met on Wednesday afternoon.
(Reporting by Glenn Somerville; Editing by Dan Grebler)