U.S. Summons Banks to Meeting on Rescue Plan

"The government cannot just leave people on their own to be buffeted about," said British Prime Minister Gordon Brown.

European governments said they are putting nearly $2 trillion on the line to protect the continent's banks through guarantees and other emergency measures.

The Bush administration welcomed the moves in Europe, saying what was needed now was a strong effort to demonstrate the resolve of governments to deal with the problems.

"We must all act decisively, individually and collectively, according to our needs, to secure stability and growth for the world economic and financial order," Treasury Secretary Henry Paulson said in statement. His prepared remarks to the closing session of the 185-nation International Monetary Fund and World Bank were read by Assistant Treasury Secretary Clay Lowery. Aides said Paulson was too busy working on the rescue program to attend the closing day of the three-day discussions.

The administration on Monday announced the selection of a team of interim managers, picked an outside firm to help run the program and tapped Federal Reserve Chairman Ben Bernanke to head up the oversight board guarding against conflicts of interest.

Kashkari, the assistant Treasury secretary who is interim head of the program, said officials were developing the guidelines that will govern the purchase of bad assets and had consulted with six specialist law firms on how the government will take partial ownership of banks.

After those consultations, Kashkari said Treasury had chosen Simpson Thatcher & Bartlett LLP to move forward to help the government structure the stock purchase program.

"We are moving quickly -- but methodically -- and I am confident we are building the foundation for a strong, decisive and effective program," Kashkari said in a speech Monday to the Institute of International Bankers.

Kashkari, however, provided few details about how the program will actually buy bad assets and ownership shares in banks. He focused mainly on the nuts and bolts of getting the program running.