Treasury official cites progress - WKOW 27: Madison, WI Breaking News, Weather and Sports

Treasury official cites progress

WASHINGTON (AP) -- The official running the government's $700 billion financial rescue program says "tremendous progress" has been made implementing it.

  The Treasury Department's Neel Kashkari tells the Senate Banking Committee that since the announcement last week that the government will buy bank stocks, there have been "numerous signs of improvement."

  Analysts have cited a steady decline in bank-to-bank lending rates as a sign that the credit freeze is slowly beginning to thaw.

  In his testimony, Kashkari cautions that while there have been positive developments, "the markets remain fragile."

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