Timothy Geithner, Obama's nominee to be the nation's next Treasury secretary, told the Senate Finance Committee this morning that President Barack Obama is working on a comprehensive bank rescue package that will be unveiled in the next few weeks.
At his confirmation hearing today, Geithner did not reveal how much the new package would cost.
Geithner is the president of the New York Federal Reserve Bank. His remarks fueled a meager rally on Wall Street, where the stock market has been in a severe funk for several days.
The largest local gainers in the BizTimes Stock Index this morning were Brady Corp. (up $1.40 to $21.58) and Harley Davidson Inc. (up 86 cents to $12.88). The largest local decliners this morning were A.O. Smith Corp. (down $1.51 to $29.41) and Johnson Controls Inc. (down 63 cents to $14.24).
Treasury nominee says Obama working on more relief for banks
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