U.S. Regulators Prepare to Move Beyond $700 Billion Bailout
U.S. regulators are preparing to expand their response to the financial crisis beyond the $700 billion bailout package that was approved by Congress and signed into law earlier this month, sources familiar with the matter said today.
An additional plan is set to be announced soon, most likely tomorrow morning, the sources said on the condition of anonymity because they were not authorized to speak publicly.
Some of the sources said they expect the plan would go beyond the bailout by taking steps to shore up interbank lending, bank health as well as possibly expand deposit insurance beyond the current $250,000.
Treasury Secretary Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke will hold a conference call with the chief executives of the nation's largest banks at 3 p.m. today to brief them on the plan.
Treasury declined to be specific, but in a statement the department said, "Treasury and the Fed are meeting today with leading financial market participants to finalize details on a financial market stabilization initiative."
Three agencies that are involved in the crafting of the plan include the Fed, Treasury and Federal Deposit Insurance Corp.
-- David Cho
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