Treasury Secretary Geithner just finished speaking about the new Financial Stability Plan. This is not the economic recovery plan that the President talked about yesterday in Indiana, and is talking about right now in Florida -- but it is one of the "legs of the stool," another central component of our effort to get the economy back on track.
"Our plan will help restart the flow of credit, clean up and strengthen our banks, and provide critical aid for homeowners and for small businesses," Secretary Geithner said. "As we do each of these things, we will impose new, higher standards for transparency and accountability."
The plan includes a comprehensive housing program (designed to prevent home foreclosures), as well as programs to restore confidence in the markets and create public-private partnerships to boost lending. But like the President and Treasury Secretary announced before, the new efforts to stabilize the financial system are going to come with some strings attached.
"Government support must come with strong conditions to protect the tax payer and with transparency that allows the American people to see the impact of those investments," Secretary Geithner said.
There's a new site geared at ensuring the accountability of the FSP at FinancialStability.gov. Since the plan has just been announced, the site’s pretty basic, but it does have a fact sheet which will give you a good idea of how the plan is going to work.