WASHINGTON (AP) — A top adviser to President Barack Obama says the government plans to leverage $100 billion to ease the fallout on the nation’s financial system from banks’ bad assets. Christina Romer says the money would be used along with private investments and help from the Federal Reserve to buy hundreds of billions in questionable debts on bank balance sheets. The goal is to thaw the frozen credit system and get lending going again. Romer says the approach is one more piece in the administration’s plan to revive the collapsing economy.——Contact The Daily Reveille’s news staff at [email protected]
Romer: $100 billion to be used for bad assets
By The Associated Press
March 21, 2009