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Geithner says 700-billion-dollar TARP will end soon

Published: 03/12/2009 05:00

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U.S. Treasury Secretary Timothy Geithner said on Wednesday that the Obama administration will outline its plan to end the 700-billion-dollar financial bailout program.

U.S. Treasury Secretary Timothy Geithner testifies before the Senate Agriculture, Nutrition and Forestry Committee during a hearing on over-the-counter derivatives reform on Capitol Hill in Washington December 2, 2009.(Xinhua/Reuters Photo)

“We are close to the point where we can wind down this program and stop making new commitments,” Geithner told the Senate Agriculture Committee.

“Nothing would make me happier than to end it as quickly as possible,” the Treasury chief said at the hearing. But he did not provide details of the expiring date.

The Congress passed the 700-billion-dollar bailout program at the height of the financial crisis last year, and it is set to expire at the end of this year.

VietNamNet/Xinhuanet


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