WASHINGTON – Seeking to avoid competing for attention with efforts to pass the economic stimulus package, the Treasury Department has postponed today's scheduled announcement of a financial rescue plan until tomorrow.
The program is expected to revise some of the rules of the Troubled Asset Relief Program and include a mechanism for buying bad mortgages from financial services institutions. It's not clear whether credit unions will be included in the program, which will be a public-private partnership, according to some media reports. The plan also includes relief for homeowners who are struggling to make mortgage payments.
The administration is unveiling the plan as Congress is considering an $800 billion economic stimulus program. The Senate is scheduled to vote on parts of it today and vote on final passage tomorrow. If the Senate passes it, then House and Senate negotiators will meet to reconcile the two versions of the measure before each chamber votes on it again.
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