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Another One Bites the Dust: Financial Bailout Chief Announces Resignation

Herb Allison has become the latest economic adviser to leave the Obama administration. (Photo: AP)

WASHINGTON (The Blaze/AP) — Herb Allison, the head of the government's $700 billion financial bailout program, is resigning.

Allison says in a letter to his colleagues in the Treasury Department's Office of Financial Stability that they had accomplished a great deal.

He said that the bailout fund, known as the Troubled Asset Relief Program, has proven to be remarkably successful in achieving its goal of stabilizing the nation's financial system and laying the groundwork for an economic recovery.

As The Blaze reported yesterday, director of the National Economic Council Lawrence Summers will leave his post at the end of the year. That's in addition to two other economic advisers who have recently resigned: budget director Peter Orszag and the chief of the Council of Economic Advisers, Christina Romer, both resigned this summer.

The exodus could extend beyond Obama's economic team. His chief-of-staff, Rahm Emmanuel, is also considering leaving the administration in order to run for Chicago mayor.

The Associated Press contributed to this article.

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