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Oct 13, 2008 6:33 pm US/Eastern
Source: Government To Expand Bank Protections
WASHINGTON (AP) ―
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A man walks by a Wachovia Bank branch in New York on Oct. 3, 2008.
Timothy A. Clary/AFP/Getty Images
A financial industry official says the Bush administration has decided to greatly expand protections for the U.S. banking system out of concern for the faltering economy.
The official said the administration will use perhaps as much as $250 billion of the $700 billion rescue program recently passed by Congress to purchase stock in U.S. banks, providing the banks with badly needed money.
The official, who spoke with knowledge of a Treasury Department meeting on Monday, commented only on condition of anonymity because the details of the plan have yet to be released.
Please stay with CBS 2 HD and wcbstv.com for more on this developing story.
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