Geithner: Financial Overhaul Bill Will Pass

Treasury Secretary Timothy Geithner says a strong overhaul of the financial system will emerge from the current impasse in Congress and protect taxpayers against fraud and abuse in the financial industry.

Geithner says the best way to prevent a new financial meltdown is to put protections in place "ahead of the storm."

He says he is confident there will be enough votes to pass a strong package of financial reforms, despite solid Republican opposition in the Senate. Geithner spoke to NBC News' "Meet the Press" in an interview that airs Sunday.

Geithner declined to comment on the Securities and Exchange Commission's decision to charge Goldman Sachs & Co. with fraud relating to its sale of mortgage investments.

CBS News Political Analyst John Dickerson said Saturday that while the Senate's 41 Republicans are standing together in opposition to the bill, there's still a chance for Democrats to convince some Republicans to cross over to their side of the aisle.

"There is a sense that negotiations are still ongoing," said Dickerson. "Everything hasn't soured completely. There are some Republicans who want to back this, and unlike health care, where Republicans were in lockstep with the country, on this one they don't want to be tagged as being fans of Wall Street and so that puts some pressure on them."

More on Financial Reform

All 41 GOP Senators United in Opposition to Financial Reform Bill

Obama: I'll Veto Financial Reform Bill if it Doesn't Control Derivative Markets

Obama: Wall Street Reform Bill Not About Bailouts
Summers: New Financial Rules Will Pass
Republicans Dig in on Financial Overhaul