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U.S. markets recover from steep losses
WASHINGTON, Dec. 22 (UPI) -- U.S. banks and Treasury Department officials have scrapped a plan to create a $100 billion fund to stabilize the short-term credit market.
The plan called for banks around the world to create a fund that would have acted like a credit card for financial institutions.
Citigroup, Bank of America, and other financial institutions devised the plan last fall with U.S. Treasury Secretary Henry M. Paulson Jr., but then struggled to convince other banks to join their effort, The Washington Post reported Saturday.
Paulson and the banks supporting the plan earlier this week said they remained committed to starting the fund. However, on Friday treasury officials and banks said the fund wasn't needed because market conditions had improved, the Post reported.
Financial analyst Mark Zandi of Moody's Economy.com said the Treasury Department could consider creating its own fund, backed by taxpayers, if the economy heads into a recession, the Post reported.
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