The United States Treasury is looking to hire fund managers, including exchange traded fund (ETF) managers, to help implement moves within the market rescue plan. Asset managers charged with buying distressed assets are first up, and Pimco’s Bill Gross is already saying he would be willing.

Joe Morris for Ignites reports that the package seeks legislative authority for buying up to $700 billion of the assets and hiring professional managers to do it. Pimco and Gross are excited to do this, and if the government were to buy mortgage backed securities for 65 cents on the dollar, this could make money for taxpayers in the end. It would do very well.

The actual government proposal did not state how they would manage assets, though the Treasury would have full control of the assets and be safe from lawsuits. Democrats voiced support, although they seek more regulations, which are not part of the deal, according to Treasury Secretary Henry Paulson.

Meanwhile, investors and the American public are waiting with bated breath for news about the Federal Reserve’s rescue plan today. Stocks are trading higher, while oil and gold are retreating after big days yesterday, reports Tim Paradis for the Associated Press. The dollar is trading higher against major currencies.

Fed Chairman Ben Bernanke is urging a quick approval of the plan.

Not just financial ETFs are hurting these days – some that have heavy weightings in this troubled sector are being dragged down, as well. The iShares Dow Jones Select Dividend (DVY) lost 6% as a result of its 46.8% weighting in financials.

Tags: DVY, Financial, Sector ETFs