Word: geithners
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...Still, the Treasury Secretary noted that there was more work to be done in restoring the health of our nation's banks. In particular, Geithner repeatedly stated the need for bank regulation reform. "We did a lot of damage to our nation's financial system, and it is going to take a while to get through it," he said...
...part, Geithner responded that he thought the TARP program has largely been a success. "The nation's financial system is in better shape today than it was three months ago, six months ago and even on the eve of this recession," Geithner told the panel. He said adding capital to the banks was the right move. "Had we just gone and guaranteed all of the banks debts, I don't think we would have been as successful," he said...
...Geithner testified that the Treasury Department has not decided how long it would maintain the TARP program. So far, Geithner said money that has been paid back by banks has gone toward paying down the Treasury's debt, but he reserved the right to reinvest the money in other banks if that became necessary. Other TARP programs are ending: Geithner pointed to the emergency program to insure money market accounts, which will end later this month. Usage of other programs, such as the FDIC's guarantee of bank debt and the Federal Reserve's commercial paper funding program, are winding...
...other programs like the mortgage modification and foreclosure mitigation efforts could go on for some time. When asked why modifications hadn't reached more borrowers, Geithner answered that they are trying to do everything to expand mortgage help, but the problem defies a quick fix. "It is very unlikely that we will say that the housing market has got to the place in the next few months where it no longer needs help...
...Warren asked whether the government has plans to rerun the stress tests. With unemployment already at the level the government called "worst case" just a few months ago, Warren said she thought it time to look at bank strength again, assuming even higher levels of unemployment. Geithner replied that the Stress Tests were stringent enough...