In his first speech since being appointed the “go to” guy for the nation's financial rescue program, Interim Assistant Secretary for Financial Security Neel Kashkari said the U.S. government is looking at multiple options to help the struggling financial sector -- including taking stakes in financial institutions.

Kashkari told reporters that this $700 billion program would “normally take months, even years, to establish,” and urged both the public and markets to be patient as the Treasury Department works to hire the appropriate people to run the program permanently.

Since Congress passed the $700 billion bailout package, now officially known as the Troubled Asset Relief Program or TARP, about two weeks ago, the credit markets have frozen even further and major banks both in the U.S. and in Europe have failed. 

“We are confident this new program will help us overcome these challenges as well,” Kashkari said.

Since the bill was signed into law, Kashkari said the Treasury Department has created four financial rescue programs that could purchase mortgage-backed securities and whole loans, write insurance policies and purchase equity stakes in firms.

The most notable addition to the bailout package is the equity stakes program. 

Originally the government was planning on purchasing only mortgage-related assets -- but as banks have lost value the equity purchase program, where the government would purchase direct stakes in participating institutions, has become a more attractive option.

The equity stake program is somewhat similar to the one announced in the U.K. over the weekend.

Kashkari said the Treasury has already hired several directors and asset managers to run the program, but more are expected to be announced this week.