In announcing his "TARP 2" plan on February 10, 2009, Treasury Secretary Tim Geithner declined to respond to suggestions that TARP directly cover insurance companies. The Treasury statement was silent on the issue of insurance, while outlining a somewhat vague plan to engage private sector investments to assist in relieving financial institutions of bad assets. Some life insurers were reportedly seeking TARP financial assistance due to shrinking investment returns and portfolio values. Insurers with bank subsidiaries may apply for TARP program funds for their banks.