Treasury Secretary Timothy Geithner said the government would move with speed to simplify financial forms to help consumers make better choices, borrow more responsibly and compare costs and services.

This is a noble objective that has been attempted many times since the 1970s with extremely poor results. Previous failures can be traced to mandated disclosures, misguided typographic specifications and reliance on "readability formulas." Cumulatively, these mechanistic approaches drove lawyers to focus on complying with the letter of the law, while completely ignoring the spirit of simplification.

If the Treasury Department officials want to succeed in working with consumer advocates and financial services firms to generate simplified forms, shouldn't they break the mold and consider a more practical solution? Neither regulators nor financiers are a natural source of clarity. But we need not reinvent the wheel to determine how to write, design and deliver information that meets the simplification objective.

Rather, regulators can lean on proven methods such as plain language, information design and data visualization. They can create model forms that are easily understood by everyone, not just those with financial expertise. These forms, which should be tested by consumers, should be reasonably short, organized to mirror the flow of the customer relationship, and incorporate design techniques that enhance accessibility and comprehension. The model forms should also be customized to the specific products, services or features the consumer has chosen.

I would even go one step further. If financial institutions want to create their own simplified forms, why inhibit innovation? The only caveat would be that they have to document — through reliable market research — that that their versions compare favorably with a standard model of customer comprehension.

Regulators should also require financial institutions to leverage new media and alternative delivery systems to further enhance comprehension, help customers evaluate the impact of alternative payment methods, and make disclosure materials readily available in daily life. Possibilities include posting agreements, statements and other documents online with hyperlinks for unfamiliar words, providing calculators to help consumers readily evaluate payment options and offering mobile applications to assist consumers at point of purchase. All would add a critical new dimension that will turn data into information and disclosure into action.

Americans are desperate — and rightly so — to see simplicity in government and business. They have lost confidence at a time when it is critical for them to make informed decisions. Let's hope the Treasury Department and the new Consumer Financial Protection Bureau will learn from the failures of the past and bring an innovative approach to legislating clarity, transparency and accessibility.

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Alan Siegel is chairman of Siegel+Gale, a strategic branding firm.