Treasury Secretary: Major banks have raised $48 billion

WASHINGTON — Treasury Secretary Timothy Geithner says banks identified in stress tests as having capital shortfalls have raised $48 billion of the $75 billion that the government said they needed to get through an adverse turn in the economy.

Geithner told the Senate Banking Committee in written testimony that the government's review of the nation's 19 biggest banks has helped increase confidence in the financial system.

He said nine of the banks without shortfalls have also raised about $8 billion that they will use to repay the government.

The 10 banks that were found to need more capital after the stress tests, including Citigroup Inc. and Bank of America Corp., have until June 8 to develop such a plan and have it approved by regulators.

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