Geithner to Address Dems Tonight

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Treasury Secretary Tim Geithner is slated to address House Democrats tonight, providing a preview of the Obama administration’s planned “stress tests” of the largest banks receiving bailout money.

But the real question is whether Geithner will get grilled by the president’s party about his recent performance, particularly after today’s New York Times report that staff shortages and long to-do lists at Treasury have forced a postponement of the detailed financial re-regulation plan that was once expected by April.

Rep. Brad Sherman (D-CA), a senior member of the House Financial Services Committee who took the lead on the executive-compensation issue during the stimulus debate, indicated via e-mail that he plans to ask Geithner “why we are fully protecting counterparties and general uninsured creditors of the big banks while we do no such thing as to insolvent small and medium banks.”

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