The International Monetary Fund is estimating banks and financial institutions have lost an estimated $4.1 trillion during the financial crisis. Of the losses, $2.7 trillion originated in the United States. Testifying on Capitol Hill, Treasury Secretary Timothy Geithner said banks’ vast amount of toxic assets is limiting their ability to lend and borrow.

Treasury Secretary Timothy Geithner: “The cost of credit is still very high. Reports on bank lending show significant declines in lendings for consumer loans, for commercial and industrial loans, although mortgage refinancings have picked up considerably. We may have to adapt and expand them over time, but they represent the foundation of any credible strategy to help ensure that this financial system is working for, rather than against, recovery.”