Continued from page 1

“The American financial system today is in a much stronger position than it was before the crisis,” Mr. Geithner said.

He said that Treasury’s $700 billion rescue program, which came in at the peak of the financial crisis in the fall of 2008, “will rank as one of the most effective crisis-response programs ever implemented.”

The Congressional Budget Office recently estimated that the program will cost taxpayers about $25 billion. Mr. Geithner noted that is far below early estimates that it would cost $350 billion or more. And he suggested it could end up costing even less than $25 billion.

Of the total $700 billion bailout, $75 billion was earmarked for mortgage assistance programs, including the central foreclosure-prevention effort known as the Home Affordable Modification Program, or HAMP.

ILLINOIS

Emanuel’s wife won’t be testifying

CHICAGO | Rahm Emanuel’s wife won’t be subpoenaed to testify as the hearing over residency challenges to his mayoral bid grinds on.

Some of the objectors to Mr. Emanuel’s Feb. 22 mayoral bid withdrew their requests to subpoena Amy Rule.

A Chicago Board of Election Commissioners hearing officer also denied a request for a subpoena from another objector who didn’t give a good reason why Mrs. Rule should be called to testify.

More than two dozen objectors have challenged Mr. Emanuel’s election bid, saying he doesn’t meet residency requirements because he lived in Washington for nearly two years working for President Obama.

The hearing officer also denied a request for a field trip to see the treasured family possessions Mr. Emanuel says he left behind in his home when his family joined him in Washington.

SENATE

Lawmaker wants to end EPA rules

Sen. John D. Rockefeller IV of West Virginia Thursday said that he would seek a vote before the end of the current congressional session on his bill to postpone Environmental Protection Agency regulation of carbon dioxide emissions for two years.

With EPA regulations due to begin soon on mandating that big factories start cutting pollution blamed for global warming, the Democrat said: “I want to make it clear that I intend to get a vote this year on my EPA-suspension legislation.”

Story Continues →