Bank of America Corp. will lead efforts by Citigroup Inc. and JPMorgan Chase & Co. to encourage smaller competitors to help finance an $80 billion bailout of short-term debt markets, Bloomberg reported.

The campaign begins this week with Citigroup and JPMorgan in supporting roles to Bank of America, according to two people with knowledge of the matter who didn’t want to comment publicly before the plan is formally announced.

The “SuperSIV” fund, backed by U.S. Treasury Secretary Henry Paulson, would buy assets from so-called structured investment vehicles, whose $300 billion of holdings include corporate and mortgage debt in danger of default. Analysts including Richard Bove of Punk Ziegel & Co. have criticized the proposal because it could saddle new participants with losses created by their bigger rivals.

Bank of America, Citigroup and JPMorgan, the three largest U.S. banks, want the SuperSIV fund in place by year-end because some SIVs haven’t been able to trade, people familiar with the fund said. BlackRock Inc., the biggest publicly traded U.S. money manager, probably will manage the fund, according to one source.

Officials at Bank of America, Citigroup and New York-based BlackRock declined to comment. A call to JPMorgan spokesman Brian Marchiony wasn’t returned.