Paulson: major financial institutions stabilized

WASHINGTON — Treasury Secretary Henry Paulson says he does not expect any more major financial institutions to fail during the current credit crisis.

Paulson also says that he has no plans to ask Congress to make the second half of the $700 billion financial rescue fund available before the Bush administration leaves office on Jan. 20.

Paulson said in an interview on CNBC that he believes the actions taken by financial authorities in the U.S. and other countries will allow all the systemically important institutions to remain viable.

There have been 25 U.S. bank failures so far this year compared with three for all of 2007.