February 6th, 2009
05:40 AM ET
9 years ago

Geithner unveiling new financial stability plan Monday

Timothy Geithner to unveil new 'Financial Stability' plan Monday.

Timothy Geithner to unveil new 'Financial Stability' plan Monday.

WASHINGTON (CNN)– Even as the Obama administration struggles to sell a massive economic stimulus plan, Treasury Secretary Timothy Geithner is planning Monday to unveil a separate financial stability plan that could cost hundreds of billions of dollars more to buy up troubled assets from banks and more broadly deal with the credit crunch and foreclosure crisis, according to two senior administration officials.

The officials are billing the move as a major reform of the so-called TARP federal bailout program that was created last fall to try and stabilize the financial system, but has come under withering criticism across the political spectrum.

"It will be an overhaul of the whole program," one senior official vowed about the package being put together Geithner and other top economic advisers to the President.

Officials said the goals of the new plan will include bringing new transparency and accountability standards to the TARP program, keeping people in their existing homes, and increasing lending to consumers and small businesses.

Filed under: Timothy Geithner
soundoff (29 Responses)
  1. Tim

    @ Jani who said...."when will democrats stop blamig Bush and take some responsibility"

    When will you admit that Bush, de-regulation and tax cuts for the wealthy got us here. Its a lot easier to stop blaming when the party that got us in to this mess admits their policies and ideology failed us and works WITH the dems in power to change it.

    You are opposing the stimulus on principles that have failed us.......we are losing our homes, businesses and jobs. Almost 600,000 last month alone.
    You had 8 years of shutting out dems, funding wars started on lies and giving tax cuts to the rich. Well, trickle down theory doesnt work as it turns out either. You failed.The neo-con philosophy has failed. TAx cuts have failed.

    The american people know it and they voted you out of power. Obama tried to reach out, but your party is really not interested at all. Too bad.
    Step aside and let us fix the economy. Stick to your Rush Limbaugh's and Michael Savages and Sean HAnnities.
    Meanwhile, we will bail your butt out too.

    February 6, 2009 10:24 am at 10:24 am |
  2. Sheri

    Cut payroll income tax in half for 2 – 3 years would certainly allow people to pay bills and stimulate the economy

    February 6, 2009 10:31 am at 10:31 am |
  3. scared mom

    From what I know of the stimulus bill, I am very doubtful that the American people will get jobs or financial benefits. The banks caused this problem with thier rediculous loans in the first place. They made a ton of money on hard working families – and then took thier homes from them. And yes – the banks are holding on to all of the foreclosures! And let's not forget – then the gov't gives them bailout money!! I think lowering the mortgage rates (3.75 – 4.00%) for all mortgage holders – would benefit the American people – and the banks! Allow families to refinance. All of those foreclosures – sitting there would have a value again! More money into the system!
    Also, I'm not in disagreement with taxcuts!! Especially – when I see my money going toward rediculous spa outings by our gov't as I'm making mac N cheese for my family everynight – to make ends meet!

    February 6, 2009 10:32 am at 10:32 am |
  4. libs be dopes

    ""I hear a Democrat spouting off about "those idiot executives""

    Senators and Represenatives?

    February 6, 2009 10:37 am at 10:37 am |
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