WASHINGTON (AP) -- Wisconsin Congressman Paul Ryan is a chief sponsor of the House Republicans' alternative plan to bail out the struggling financial system.
The alternative plan has the blessing of House Minority Leader John Boehner.
Instead of the government buying the distressed securities, the new plan would have banks, financial firms and other investors that hold such loans pay the U.S. Treasury to insure them.
Ryan says it's clear President Bush's $700 billion plan isn't going to pass the House.
The Janesville Republican is a member of the Committee on Ways and Means and a ranking member of the Budget Committee.
The alternative plan would inject private capital into the financial markets, not tax dollars.
Private capital would be drawn into the market by removing regulatory and tax barriers.
Temporary tax relief provisions would help companies free up capital under the GOP plan.