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