CNN: In prepared remarks before the Senate Finance Committee Wednesday morning, Geithner called on senators to support President Obama's proposed stimulus plan. The comments come as the Senate panel prepares to consider whether to confirm Geithner as the nation's top financial officer.
"Senators, the ultimate costs of this crisis will be greater, if we do not act with sufficient strength now," Geithner's testimony read. "In a crisis of this magnitude, the most prudent course is the most forceful course."
In his testimony, Geithner - who is currently the president of the Federal Reserve Bank of New York - also advocated "aggressive action to address the housing crisis and to get credit flowing again," though he offered no specifics.
The comments come a day after President Obama took office, only to confront the worst-ever Inauguration Day selloff in the stock market.
Geithner says the bailout, that everyone affectionately calls TARP (troubled asset relief program), will have taxpayer protections.
Geithner said a revised TARP plan will contain "tough conditions to protect the taxpayer and the necessary transparency to allow the American people to see how and where their money is being spent and the results those investments are delivering."
The comments echo those made recently by another top Obama economic aide, National Economic Council chief-designate Larry Summers.
Geithner apologizes for his "careless" and "unintentional" mistake of not paying his social security taxes.
