In a speech discussing the state of US financial reform, Timothy Geithner, the US Treasury Secretary, has stated that bank supervisors  must be careful “not to overdo it with actions that cause undue damage to the availability of credit or liquidity to markets.” This is further indication of the growing concern among policymakers about the trade off between stability and growth. Mr Geithner emphasised that the financial system is stronger as a result of reforms to capital, liquidity and leverage standards, among others. He stated that regulators would focus in 2012 on the new liquidity standards and on making sure that capital risk-weights are consistently applied, and recognised the desirability of a “clearly articulated common approach” across regulatory agencies towards a global level playing field. Mr Geithner said this was particularly important with respect to the regulation of foreign operations of US firms, and the US operations of foreign firms, noting that it is a “very complicated” issue.