Timothy Geithner, Ben Bernanke Work On $700 Billion Bailout Overhaul

WASHINGTON (AP) - Treasury Secretary Timothy Geithner is meeting with top government officials to develop the administration’s plan for overhauling the $700 billion bailout program and improve regulation of the financial system.

Geithner is scheduled to meet with Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corp. Chairman Sheila Bair and John Dugan, the head of the Office of the Comptroller of the Currency. The OCC regulates the country’s biggest banks.

Treasury says those discussions, along with meetings with senior department staff, are occurring as the administration refines its proposals for financial and regulatory reform.