proposal of new Government agancy. McCain urges creation of agency to help weak financial institutions Posted: 09:24 AM ET (CNN) — Republican presidential candidate Sen. McCain said Friday morning he would establish a new agency to deal with the “immediate” economic crisis. That agency, the Mortgage and Financial Institutions trust, would work with the private sector and regulators to identify institutions that are weak and fix them before they go broke. “The underlying principle of the MFI or any approach considered by Congress should be to keep people in their homes and safe guard the life savings of all Americans by protecting our financial system and capital markets,” McCain told the Green Bay Chamber of Commerce in Wisconsin. McCain said the agency would be an early intervention program to help financial institutions avoid bankruptcy, expensive bailouts and damage to their customers.
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