Geithner says $700-billion bailout program to end soon

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Treasury Secretary Timothy F. Geithner is affirming the administration’s intent to soon end the $700-billion financial bailout program.

Geithner did not provide details, but says the government is close to the point at which “we can wind down this program” and end it.

“Nothing would make me happier,” he told the Senate Agriculture Committee.

Some lawmakers have been agitating for an exit from the politically unpopular program that was put in at the height of the financial crisis last year.

Geithner also says legislation to bring transparency to the unregulated $600-trillion global derivatives market was needed soon to restore confidence in the U.S. financial system.

-- Associated Press