WASHINGTON (Reuters) - The U.S. Treasury Department expects to name asset managers for its $700 billion financial rescue plan within days and is working "around the clock" to speed relief to frozen credit markets, the program's new chief said on Monday,
The Treasury has sought proposals from asset management firms that have at least $100 billion under management, said Neel Kashkari, the Treasury's interim assistant secretary for financial stability.
"Treasury is implementing its new authorities with one simple goal -- to restore capital flows to the consumers and businesses that form the core of our economy. Achieving this goal will require multiple tools to help financial institutions remove illiquid assets from their balance sheets and attract both private and public capital," Kashkari said in prepared remarks to the International Institute of Bankers.
(Reporting by David Lawder, Editing by Chizu Nomiyama)
