Update on Financial Rescue Plan
Secretary Paulson spoke to reporters and answered questions about the use of $700 billion authorized by Congress in response to the financial and economic crisis. In his remarks he outlined several changes that would recast the federal role in assisting financial institutions. He said that the funds would no longer be used to buy troubled assets, but would aid banks and other firms that issue student, auto and credit card loans. He also characterized the current credit market as troubled saying it had “for all practical purposes ground to a halt.” close
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