'I'm going to do what we need to do to keep the system strong but I'm not going to be looking to start up new things unless they're necessary, unless they make great sense,' Mr Paulson told the newspaper. -- PHOTO: AGENCE FRANCE-PRESSE
WASHINGTON - US TREASURY Secretary Henry Paulson said in an interview on Monday he would likely leave the remainder of a US$700 billion (S$1 trillion) finance sector bailout fund for the incoming administration of president-elect Barack Obama.
The Wall Street Journal quoted Mr Paulson as saying he would probably not tap the remaining US$410 billion of the rescue fund to launch any substantial new programmes.
'I'm going to do what we need to do to keep the system strong but I'm not going to be looking to start up new things unless they're necessary, unless they make great sense,' Mr Paulson told the newspaper.
'I want to preserve the firepower, the flexibility we have now and those that come after us will have.'
His preference to keep some money in reserve means many of the big decisions about how to use the fund, such as helping to stem a tide of foreclosures, will be delayed until Mr Obama takes office on Jan 20.
Of the US$700 billion authorised by Congress last month to rescue the financial sector, US$290 has been disbursed. -- AFP
