Special Report: Barack Obama: The 44th U.S. President     

Special Report: Global Financial Crisis

    WASHINGTON, March 23 (Xinhua) -- The Obama administration on Monday unveiled a program aimed at cleansing toxic assets from bank balance sheets that have frozen up lending and fueled the recession.

    The Treasury said the three-part program will provide financing through the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to help public-private investment partnerships buy up to 1 trillion U.S. dollars in distressed loans and securities.

    "Using 75 billion to 100 billion dollars in TARP (troubled asset relief program) capital and capital from private investors, the Public-Private Investment Program will generate 500 billion dollars in purchasing power to buy legacy assets with the potential to expand to 1 trillion dollars over time," said the Treasury in a statement.