The U.S. Treasury announced Tuesday that 10 large banks would be permitted to start repaying approximately $68.3 billion in total bailout funds they received from the government in the past nine months.

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Ten large U.S. banks have been cleared by the Treasury Department to start repaying $68 billion in bailout money and begin to free themselves from an extraordinary government intervention program that began amid the global financial crisis.

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Federal Reserve Chairman Ben Bernanke defended Thursday his agency's decision to assist the ailing investment firm Bear Stearns, calling it a move to prevent a corporate collapse that could have reverberated through the U.S. economy.

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