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Thursday, March 26, 2009

Treasury's bank rescue plan to be announced Monday



There's confirmation that the Treasury Department will announce on Monday its plan for dealing with banks' bad assets.

Senior White House economist Austan Goolsbee said Sunday on CBS' "Face the Nation" that's when the public-private partnership will be outlined.

Earlier Sunday, the head of the president's Council of Economic Advisers said that the government needs investors to help buy up bad assets that are weighing on banks' balance sheets and keeping banks from lending to consumers and businesses.

Christina Romer said the plan will team up with the private sector and the Federal Reserve and the Federal Deposit Insurance Corp. to make a limited amount of government bailout money go farther.

Romer spoke on "Fox News Sunday."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — The Obama administration says it needs help from private investors to deal with a serious banking crisis.

The head of the president's Council of Economic Advisers says that the government needs investors to come in and help buy up bad assets that are weighing on banks' balance sheets and keeping banks from lending to consumers and businesses.

Christina Romer says the administration's new plan will team up with the private sector and the Federal Reserve and the Federal Deposit Insurance Corp. to make a limited amount of government bailout money go farther. The plan could be announced as early as Monday.

Romer spoke on "Fox News Sunday."