The Obama administration is retooling its rescue of the financial system, looking to wind down programs viewed as having run their course while considering new initiatives to address lingering concerns.
This shift comes as Treasury Secretary Timothy F. Geithner and his colleagues are trumpeting their stewardship of the federal bailout efforts, as they did Thursday in a series of remarks on Capitol Hill and to the media.
"The emerging confidence and stability of September 2009 is a far cry from the crippling fear and panic of September 2008," Geithner told an oversight committee that Congress created to monitor the Troubled Asset Relief Program.
As the rescue moves into a new phase, a Treasury Department program to support money-market mutual funds, put in place during the dark days of the financial crisis last fall, is set to expire Sept. 18, and Geithner will not move to extend it, he said Thursday. And the Federal Deposit Insurance Corp. is weighing how to wind down its program to guarantee bank debt, which was a crucial means of support to banks last fall but is now less widely used.