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Paulson said it is an ineffective way to use the bailout package.

Instead, he announced today the new goal of the program is to support financial markets which supply consumer credit.

To restore economic growth, Paulson says the administration will continue to use $250 billion to buy up stock in banks to urge them to restore normal lending.

"During times like these, with a slowing economy and some deterioration in credit conditions, even the healthiest banks tend to become more risk-averse and restrain lending and regulators' actions have reinforced this lending restraint in the past," said Paulson. "With a stronger capital base, our banks will be more confident and better positioned to play their necessary role to support economic activity."

Since the announcement, the Dow Jones Industrial Average dipped into negative territory. As of 3 p.m., the Dow was down 328 points.