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Obama said current initiatives would make it easier for smaller community banks to provide credit to small businesses, which have been hard-hit by the financial crisis.

“Over the past decade and a half, America’s small businesses have created 65 percent of all new jobs in the country” Obama said. “These companies are the engine of job growth in America. They fuel our prosperity. And that’s why they have to be at the forefront of our recovery.”

An administration official said the Treasury Department intends to wind down and terminate bailout programs launched at the height of the financial crisis to stabilize Wall Street and aid the struggling auto industry as well.

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