Treasury, Fed Unveil Rescue PlanIn addition to other efforts
to stabilize the economy, the government has unveiled a plan focused on
using money to "jump start job creation and private investment,
and...get credit flowing again to businesses and families," according
to Treasury Secretary Tim Geithner. Geithner's plan to get credit
flowing has six parts and would require much more transparency from
banks than previous bailout efforts. The plan will also require
that banks pass a test with clear pass or fail results to get the money
offered by the government. In an attempt to avoid the issues that
have beset other bailouts, Geithner is refusing to request more money
for his plan until he's sure that the plan is working. Although
the Treasury is not requiring that the money given to banks be lent to
consumers, it is requiring that banks receiving the funds to present a
plan showing how lending will be increased due to the money received.
Treasury, Fed unveil $1.5 trillion rescue plan
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