A rescue package for Asian economies should not be used to shield banks from losses in those markets, Treasury Secretary Robert E. Rubin told lawmakers Friday.

"Investors and creditors should bear the full consequences of their actions," he said at a House Banking Committee hearing. "I would not spend one nickel for the purpose of protecting investors or banks."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.