Early bank bailout program to expire

One of the first major programs the federal government put in place to backstop the economy during last year's financial crisis has now expired.

The Treasury's Guarantee Program for Money Market Funds will end at the close of business on Friday, just about a year after it was put into place after the collapse of Lehman Brothers last year.

The Treasury had offered to backstop money market funds in the wake of last fall's financial collapse by up to $50 billion. The government will have lost no money on the program, and made $1.2 billion in participation fees.

“As the risk of catastrophic failure of the financial system has receded, the need for some of the emergency programs put in place during the most acute phase of the crisis has receded as well,” said Treasury Secretary Timothy Geithner. “The Guarantee Program for Money Market Funds served its purpose of adding stability to the money market mutual fund industry during market disruptions last fall and ultimately delivered a healthy return to taxpayers.”

The expiration of the program marks the end of one of the first major government programs to stabilize the economy, a step in the Obama administration's long-term strategy to wind down the government's role in the economy.