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Bush announces 250-billion-dollar plan to buy bank shares
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U.S. President George W. Bush on Tuesday announced new measures to implement a plan of action agreed by the Group of Seven major advanced countries and to strengthen the banking industry.
The government will use a portion of the 700 billion dollar financial rescue package to inject capital into banks by directly purchasing equity shares, Bush said in brief remarks in the Rose Garden of the White House.
U.S. President George W. Bush makes a statement on the economy in the Rose Garden of the White House, following a meeting of his working group on financial markets in Washington Oct. 14, 2008. (Xinhua/Reuters Photo)
He said the government will initially buy stocks in nine major U.S. banks under its 250 billion dollar purchase plan.
Meanwhile, the government "will immediately and temporarily expand government insurance to cover all non-interest bearing transaction accounts," Bush said, adding that these accounts are used primarily by small businesses to cover day-to-day operations.
U.S. President George W. Bush makes a statement on the economy in the Rose Garden of the White House, following a meeting of his working group on financial markets in Washington Oct. 14, 2008. (Xinhua/AFP Photo)
Source: Xinhua
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