Treasury Secretary Tim Geithner, in testimony before the Joint Economic Committee Thursday, will argue that "recovery alone is not enough" and that Congress must pass comprehensive regulatory reform to ensure the strength and stability of the economy, according to an excerpt of the speech obtained by CNBC.
"The regulatory regime that failed so terribly leading up to the financial crisis is precisely the regulatory regime we have today," Geithner said in the excerpt.
"To ensure the vitality, the strength and the stability of our economy going forward, we must bring our system of financial regulation into the twenty-first century," he added. "We need comprehensive financial reform."
On Wednesday, Geithner told a small-business financing forum that tighter credit for small businesses will hurt the recovery. Banks should boost lending to smaller companies, he said.
Geithner will speak at 3 pm ET.