New rescue plan on the way: Obama

US President Barack Obama said his administration is readying a plan to unlock credit markets and lower mortgage rates, and vowed that company executives will be stopped from siphoning money intended for economic recovery.

"Soon my Treasury secretary, Timothy Geithner, will announce a new strategy for reviving our financial system that gets credit flowing to businesses and families," Obama said on Saturday in his weekly radio address. He didn't provide specifics.

"We'll help lower mortgage costs and extend loans to small businesses so they can create jobs," Obama said. "We'll ensure that CEOs are not draining funds that should be advancing our recovery."