US President Barack Obama has announced a series of measures, including creating a new lending fund to provide auto and small business loans as well as a housing plan, to restore confidence in the market and restart lending so as to revive the economy of America.
Observing that the flow of credit is the lifeblood of the US economy, Obama told the joint session of the US Congress yesterday that "we are creating a new lending fund that represents the largest effort ever to help (banks) provide auto loans, college loans, and small business loans to the consumers and entrepreneurs who keep this economy running".
The government will also help families reduce their monthly payments and re-finance their mortgages through a housing plan.
"We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and re-finance their mortgages," he said.
Addressing the US Congress Obama said, "We will act with the full force of the federal government to ensure that the major banks that Americans depend on have enough confidence and enough money to lend even in more difficult times."