Major Financial Institutions Stabilized

By: Associated Press Email
By: Associated Press Email

Washington (AP) Treasury Secretary Henry Paulson says he doesn’t expect any more major financial institutions to fail during the current credit crisis.

Paulson also says he has no current plans to ask congress to make the second half of the $700 billion financial rescue fund available before the Bush Administration leaves office on Jan. 20. But he adds the administration is prepared to move quickly, if necessary, to tap the extra resources.

In an interview on CNBC, Paulson says he believes the actions taken by financial authorities in the U.S. and other countries will allow all the systemically important institutions to remain viable.

Paulson says a top priority for his remaining weeks in office is making sure the transition to the incoming administration of President-elect Barack Obama goes smoothly.

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