Paulson, Bernanke Push Plan to Cleanse Balance Sheets By Alison Vekshin and James Rowley http://www.bloomberg.com/apps/news?pid=20601087&sid=auI5M5F3uYmE&refer=home Sept. 18 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke met with lawmakers to push a plan that would move troubled assets from the balance sheets of American financial companies into a new institution. Congressional leaders meeting with Paulson and Bernanke late today in Washington said they will work to pass legislation soon. The initiative, which may also insure money-market funds, is aimed at removing the devalued mortgage-linked assets at the root of the worst credit crisis since the Great Depression. ``Absolutely, this is good news,'' said Marilyn Cohen, who manages $185 million in bonds as president and chief executive of Envision Capital Management in Los Angeles. ``Hopefully, this will give the trading desks the confidence to start making markets again.'' The Treasury and Fed chiefs, after months of trying to aid failing financial companies case by case, want to prevent the crisis that has led to $518 billion in global losses and writedowns from further weakening the U.S. economy. ``What we are working on now is an approach to deal with the systemic risk and the stresses in our capital markets,'' Paulson said after the meeting. ``We're coming together to work for an expeditious solution which is aimed right at the heart of this problem, which is illiquid assets on financial institutions' balance sheets.'' All brought to you by the Socialist Republican Party of Ameica (and your increased tax dollars).