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The Obama administration overnight announced a raft of incentives for private investors to help rid banks of up to US$1 trillion (A$1.4 trillion) in toxic assets.
The plan is anticipated to help banks start lending again by removing devalued loans and assets from their balance sheets.
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The U.S. Treasury said it will launch the program with US$75 billion (A$106.6 billion) to US$100 billion (A$142.1 billion) from existing financial rescue funds Reuters reported.
President Obama said the plan was a critical step towards economic recovery, but conceded there was still a lot of work and long way to go.
