WASHINGTON – Treasury Secretary Timothy Geithner says a new public-private partnership to help banks shed their bad assets will begin operating in the next six weeks.
The program would combine up to $100 billion in government funds with private investments in hopes of building a purchasing pool of up to $1 trillion.
Bank lending has in part been hindered by the amount of real estate-related loans and securities on their balance sheets. Treasury has received applications from more than 100 potential fund managers to help run the program. Geithner says Treasury will inform applicants of their preliminary approval in the "next several weeks."
The program was announced March 23 and some lawmakers have questioned why the program is not yet up and running.
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Topic: Geithner: Private-public bank help 6 weeks away (Read 309 times)