The White House announced Thursday that the president will deliver a speech on the financial crisis at midday Monday at Federal Hall in New York. He is to talk about steps the administration has taken to mitigate the crisis and its commitment to winding down the government's role in the financial sector.
Citing emerging financial sector stability, Treasury Secretary Timothy Geithner said Thursday that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay $50 billion in rescue funds over the next 18 months.
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He says conditions have improved in the banking industry and the Treasury is stepping down emergency support programs implemented after the collapse of Lehman Brothers investment bank.