The Senate also passed its $838bn stimulus bill, clearing the way for Congress to thrash out final legislation for President Barack Obama to sign into law.
But financial markets reacted negatively to the new Treasury rescue plan, with many economists and market participants saying it fell well short of the radical intervention required.
The “financial stability plan” will create a new “bad bank”- style public-private partnership, which will bring in private money with the initial aim of buying $500bn-worth of distressed assets from banks. The programme could be extended to $1,000bn if necessary.
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