The U.S. government is still working on its plan to help remove toxic assets from bank balance sheets, it announced on Wednesday.

The U.S. Treasury, the Federal Reserve Board, and the Fedearl Deposit Insurance Corp. issued a joint release spelling out the current status of the initiative. It reveals that they are currently planning to invest up to $30 billion of public money in equity and debt in partnership with private sector fund managers and private investors to purchase so-called legacy securities. Initially, it will focus on commercial mortgage-backed securities and non-agency residential mortgage-backed securities.

The Treasury has pre-qualified a selection of firms to participate as fund managers in the initial round of the program: AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC; Angelo, Gordon & Co., L.P. and GE Capital Real Estate; BlackRock, Inc.; Invesco Ltd.; Marathon Asset Management, L.P.; Oaktree Capital Management, L.P.; RLJ Western Asset Management, LP.; The TCW Group, Inc.; and Wellington Management Company, LLP.

Each pre-qualified fund manager will have up to 12 weeks to raise at least $500 million of capital from private investors. The Treasury will match the equity capital raised from private investors. And then, fund managers can begin purchasing eligible assets.

The release notes that financial market conditions have improved since the early part of the year, and it says that the although the initial amounts devoted to cleansing toxic assets are relatively small, they can be expanded if necessary.

“While utilization of legacy asset programs will depend on how actual economic and financial market conditions evolve, the programs are capable of being quickly expanded if these conditions deteriorate. Thus, while the programs will initially be modest in size, we are prepared to expand the amount of resources committed to these programs,” they say.