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US Treasury to unveil new bailout plans next week By: The Associated Press | 02 Feb 2009 | 02:38 PM ET Text Size WASHINGTON - Treasury Secretary Timothy Geithner will announce new plans for rescuing the financial sector in a speech next week, a Treasury official said Monday. The plans will include new programs aimed at helping homeowners stave off foreclosure, and efforts to stabilize the banking sector. Top Treasury officials met over the weekend with representatives of the financial industry and other policymakers to discuss a number of possible rescue plans. One is a government-run "bad bank" that would buy problem assets that are clogging bank balance sheets. Another would provide insurance against losses on assets that banks will continue to hold on their books. The plans have not been finalized, but will be presented to President Barack Obama soon, the official said. Administration officials said as recently as Saturday that they planned to release the plans this week, but have since pulled back. This week will bring announcements on rules limiting executive compensation for companies receiving "exceptional assistance" under the $700 billion bailout Congress approved in early October. Obama last week called "shameful" reports that banks awarded more than $18 billion of bonuses at a time when they were relying on taxpayer money for their survival. The new rules would not apply to banks receiving direct capital injections. Those banks generally are considered to be healthy, and the bailout money is intended to support their lending activity. But institutions receiving "exceptional assistance" â including Citigroup Inc., insurance giant American International Group Inc. and automakers General Motors Corp. and Chrysler LLC â would be prohibited from giving severance payments to their top 55 executives. Their bonus pools would be reduced by about 40 percent from the 2007 level. The official would not say which firms will be classified as receiving "exceptional assistance" in the future. Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.