WASHINGTON (AP) - The new manager of the government's $700 billion bank bailout program says he sees signs the economy is on the mend even though high unemployment and falling home prices remain a threat.
In prepared testimony for a congressionally appointed panel, Herbert Allison said Wednesday it is critical for the government to remain vigilant and "press ahead" with recovery efforts.
Allison is the former head of mortgage buyer Fannie Mae. This month, the Senate confirmed him in his new role overseeing the Troubled Asset Relief Program, established last fall to inject capital into banks hit hard from the mortgage crisis.
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