US Treasury Secretary has said that the personal savings of US citizens are at risk if the rescue plan is not implemented. In a congressional hearing he has said that $700bn bail out plan for the US banking system must not be delayed. According to the bail-out plan the US Treasury wants unlimited powers to buy back the bad debt that has clogged the banking system.
President George Bush has also called for speedy approval of bail-out plan by the Congress. Federal Reserve President Ben Bernanke has also backed the plan saying urgent action is needed in order to saving the banking industry from further crisis.
US Treasury Secretary has said that the personal savings of US citizens are at risk if the rescue plan is not implemented. In a congressional hearing he has said that $700bn bail out plan for the US banking system must not be delayed. According to the bail-out plan the US Treasury wants unlimited powers to buy back the bad debt that has clogged the banking system.
President George Bush has also called for speedy approval of bail-out plan by the Congress. Federal Reserve President Ben Bernanke has also backed the plan saying urgent action is needed in order to saving the banking industry from further crisis.
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