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U.S. pumps $250 bln into banks
WASHINGTON |
WASHINGTON (Reuters) - The U.S. Treasury Department on Tuesday announced it would pump up to $250 billion into U.S. banks to help unfreeze credit markets and the Federal Deposit Insurance Corporation also took steps to protect depositors.
Following are highlights of comments by policy-makers on the plan.
U.S. TREASURY SECRETARY HENRY PAULSON:
"Today there is a lack of confidence in our financial system, a lack of confidence that must be conquered because it poses an enormous threat to our economy."
"In recent weeks, the American people have felt the effects of a frozen financial system. They have seen reduced values in their retirement and investment accounts. They have worried about meeting payrolls, and they have worried about losing their jobs."
"We regret having to take these actions. Today's actions are not what we wanted to do but today's actions are what we must do to restore confidence in our financial system"
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