TARP program nears final days, Geithner says

The Obama administration is hoping to bring an end to its $700 billion federal bailout program in the very near future, Treasury Secretary Timothy Geithner told the Senate Agriculture Committee yesterday, adding, “nothing would make me happier.” On Nov. 19, Geither had said at a hearing before the Joint Economic Committee that the Troubled Asset Relief Program had “substantial resources” left, which would go toward paying off the country’s rising debt. Yesterday’s hearing also brought a push from Geithner for proposed regulations in the derivatives market that he said would increase transparency and help to restore confidence in the financial system. Some lawmakers objected to such regulations, saying that they would significantly increase costs for companies, many of which have been lobbying heavily against them.