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Tuesday, November 25, 2008
Government to Unveil Consumer Credit Facility
Associated Press
Washington--The government is working on a new loan facility to help companies that issue credit cards, make student loans and finance car purchases.
The Treasury Department and the Federal Reserve will unveil the program Tuesday, according to people familar with the plan. They spoke on condition of anonymity because a formal announcement has yet to be made.
Treasury Secretary Henry Paulson has said he plans to use a "relatively modest share" of the $700 billion financial bailout money to pay for the new program.
It's the latest effort by the government to break through a dangerous credit clog that has badly hurt the economy.
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