On Tuesday, Treasury Secretary Timothy Geithner made it clear, via a testimony, that the responsibility of restoring the regulation of the financial system cannot be overlooked by U. S. policy makers. Geithner noted that there are still some flaws in the system and these could pose great risk if not dealt with immediately.

In testimony for a Wednesday hearing before the House Financial Services Committee, Geithner said: “We simply cannot walk away from the worst financial crisis since the Great Depression and not do everything in our power to reform the system.”

Since lawmakers in both the House and Senate have started in earnest drafting and marking up legislation; Geithner's appearance before the panel becomes obvious. Obama administration and lawmakers share a number of similar goals, said House Financial Services Chairman Barney Frank, D-Mass. on Tuesday, also adding that differences are not deal breakers.

After an afternoon meeting with Geithner, Barney Frank said: “There will be some differences on some of the specifics. I don't see any issue here that delays this from getting done.”

There are speculations that Geithner will most probably be grilled by House Republicans over a proposed Consumer Financial Protection Agency. Geithner, who thinks an agency dedicated to protecting consumers is a necessity, himself addressed the argument head-on in his testimony.

The lawmakers were asked to act quickly by Geithner, in an acknowledgment that any delays in moving legislation could hamper the impetus required for enacting a regulatory overhaul.