U.S. Treasury Secretary Timothy Geithner on Wednesday is set to tell U.S. lawmakers that consumers and investors need protections against manipulation and deception in financial services. In prepared remarks to the U.S. Senate Banking Committee, Geithner says new financial products have resulted in benefits, but a lack in regulation has exposed Americans to abuses. Officials from the administration of U.S. President Barack Obama and others in the industry say the administration is considering the creation of a regulatory commission to protect consumers of financial products such as credit cards and mortgages. During a dinner that Geithner hosted on Tuesday, such steps were discussed. Geithner told senators Wednesday that government rules should ensure that financial choices are clear, reasonable and appropriate.
