We know that Wall Street is warming to Treasury Secretary Tim Geithner's new plan to encourage private sector purchases of toxic assets -- but what does Congress think?

Only a few senior lawmakers have emerged today to weigh in on Geithner's proposal, suggesting that Congress knows it can inspire market fluctuations using nothing but candid commentary on the financial crisis. But here's how the measured reaction from the Hill shook out.

Senate Banking Committee Chairman Chris Dodd (D-CT), who struggled through several days of finger-pointing at Treasury last week, gave a measured endorsement of Geithner's plan:

In order to turn this economy around and help families in Connecticut and across the nation get back on their feet, we must end the rising number of foreclosures, unfreeze our credit markets and stabilize the banking sector. The Obama Administration has already recognized that the root cause of our problem is the housing crisis, and is working with Congress to help American families keep their homes. The initiative announced today, designed to relieve banks of troubled assets to renew the flow of credit to families and small businesses, is an important step forward. I look forward to working with the President on this effort to get the economy back on track.

Rep. Paul Kanjorski (D-PA), who made many GOPers gleeful with his criticism of Geithner's handling of the AIG bonuses fiasco, sounded more optimistic:

I am optimistic that Secretary Geithner's Public-Private Investment program will work to unfreeze our credit markets. President Obama and his team face an unprecedented challenge in restoring our economy to prosperity, and I am pleased that they are reaching out to the private sector. Especially in pricing the value of assets for which there is currently no ready market, the private sector has greater expertise than the government.

Among Republicans, centrist Sen. Olympia Snowe (ME) warned that the positive response from investors didn't mean Congress would automatically embrace Geithner's asset-purchasing idea:

I am sorely disappointed that this has taken so long, having been dragged out since the previous administration, so I hope that this plan eases some of the uncertainty over the value of these assets, which is preventing financial institutions from raising capital to increase lending.

Requiring private investors to put their own money at stake is vital to ensure that taxpayers do not overpay for the assets to be purchased from banks. That said, I will be watching closely to ensure that this plan requires private-sector investors to make contributions that are commensurate with the potential gains they could realize. While investors seem pleased with Treasury's plan given today's 497 point rise in the stock market, this cannot turn into another sweetheart deal for Wall Street.

Senate Minority Leader Mitch McConnell (R-KY) passed up a chance to weigh in on Geithner's plan, though he praised the Treasury chief for "turning to the real issue" by addressing the questionable value of toxic mortgage-backed securities. Sen. Judd Gregg (R-NH), however, was ready with a favorable response:

My reaction is it's a genuine and sincere effort to try to free up the credit markets and especially to balance the -- and get balance into the real estate markets, which is at the core of the financial problems.

Gregg followed by warning that the House's plan to tax executive bonuses at bailed-out companies could sink today's effort by swaying private investment firms away from participating in the Geithner asset-purchase initiative.