Baron's Money Makers

[Baron von Stocks]

U.S. wants to keep banks private in new rescue plan
Updated 5h 36m ago

By Stephen Bernard, AP Business Writer
NEW YORK WASHINGTON — Federal regulators pledged Monday to do all they can to shore up the struggling banking system while keeping banks "in private hands" as they plan to launch a revamped program to inject capital into financial institutions on Wednesday.

The new plans are the Obama administration's latest attempt to bolster the banking system without nationalizing any institutions, which the White House has said it does not intend to do.

The Treasury Department, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Office of Thrift Supervision and the Federal Reserve jointly issued a statement about the plan Monday amid growing concern that some of the country's biggest banks may need additional assistance to survive the worst financial crisis since the 1930s