VOA标准英语2009年-Geithner Says US Financial System 'Startin

U.S. Treasury¹ Secretary Timothy Geithner said the Obama administration is making progress in calming financial markets. Testifying before the Senate Banking² committee, Geithner said a program to help banks and other financial institutions get rid of bad investments will start operating in about six weeks.
　
U.S. Treasury Secretary Timothy Geithner on Capitol Hill, 20 May 2009

Treasury Secretary Geithner told members of the Senate banking committee that economic recovery efforts are beginning to take effect.

"Today I am pleased to report that there are encouraging signs that the financial system is starting to heal," said Timothy Geithner. "Concern about systemic risk has diminished, and overall credit conditions have started to improve."

Geithner said government and private investors³ will work together to purchase bad loans from banks, so-called "toxic⁴ assets", so the banks can resume lending and get the economy going again.

The treasury secretary faced some skepticism from some members of the panel as he gave a progress report on his oversight⁵ of the $700-billion effort, known as the Troubled Asset Relief Program, or "TARP." Ranking Republican member, Senator Richard Shelby of Alabama, accused the Obama administration of not have having a well-conceived plan for the country's banks.

"The failure to devise a clear, Mr. Secretary, and credible⁶ plan for employing TARP, has also resulted in a massive waste, some people believe, of taxpayer⁷ dollars," said Senator Shelby.

Senator Shelby said the massive TARP plan approved late last year had actually scared investors instead of calming them. Several other Republican members expressed concern about the level of government intervention⁸ in the market economy. Geithner defended his administration's actions.

"Crises don't burn themselves out," he said. "Crises this severe don't burn themselves out. To fix them requires the action of government."

Geithner confirmed media reports that the Obama administration is considering the creation of a regulatory commission that would have broad authority to protect consumers of financial products such as mortgages, credit cards and mutual⁹ funds. He said discussions are still ongoing¹⁰.

1 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

2 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 toxic   

adj.有毒的，因中毒引起的

参考例句：

• The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
• There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。

5 oversight   

n.勘漏，失察，疏忽

参考例句：

• I consider this a gross oversight on your part.我把这件事看作是你的一大疏忽。
• Your essay was not marked through an oversight on my part.由于我的疏忽你的文章没有打分。

6 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

7 taxpayer   

n.纳税人

参考例句：

• The new scheme will run off with a lot of the taxpayer's money.这项新计划将用去纳税人许多钱。
• The taxpayer are unfavourably disposed towards the recent tax increase.纳税者对最近的增加税收十分反感。

8 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

9 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

10 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。