The U.S. Treasury Department Wednesday launched its $5 billion effort to help stabilize struggling domestic auto suppliers, saying the program will protect U.S. jobs and give General Motors Corp. (GM) and Chrysler LLC access to needed auto parts.

While the Treasury department is providing the financing through its $700 billion financial bailout fund, Chrysler LLC and GM are the decision-makers. Treasury said suppliers interested in participating in the program should contact Chrysler and GM directly.

"The U.S. Treasury Department is pleased that both GM and Chrysler have moved quickly to launch Supplier Support programs," said Treasury spokeswoman Jenni Engebretsen in a statement Wednesday morning. "These efforts, backed by U.S. Treasury resources, will help stabilize the auto supply base and restore credit flows in a critical sector that employees more than 500,000 American workers across the country."

Engebretsen said that the program will provide supply companies access to liquidity and protect good-paying U.S. jobs while giving GM and Chrysler "reliable access to the parts they need."

-By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255, maya.jackson-randall@dowjones.com