Geithner Says Toxic-Asset Plan Program to Start in Early July

Treasury Secretary Timothy Geithner said in testimony to the Senate Banking Committee today in Washington that policy makers plan by early July to begin helping banks sell distressed assets.

From Bloomberg: “Working with the Federal Reserve and the FDIC, we expect these programs to begin operating over the next six weeks,” Geithner said…

The Treasury’s Public-Private Investment Program will use $75 billion to $100 billion of government funds to finance sales of as much as $1 trillion in distressed mortgage-backed securities and other assets.

Click for Geithner’s prepared remarks »

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