Barney Frank, Chairman of the Finance Committee and Congressman (D-Mass) joined The John Gambling Show 01.12.09
Chairman of the Finance Committee Congressman Barney Frank joined the John Gambling Show to discuss his stance on the TARP money - if the money doesn’t start to be lent out, there may be limits placed on the remaining 350 billion.
Congressman Frank said the TARP plan requires tougher restrictions on banks - the money that has been lent to them must be lent out to the American citizens. The Congressman believes the House will pass the second half of the stimulus, the first 129 Billion went to the major nine financial institutions while Frank admits he has not seen where the remainder of the TARP has gone. Congressman Frank says going forward, he doesn't want to blame the Obama administration for the mistakes of the Bush administration - but once it becomes clear that the money will go to the auto business, student loans, foreclosures and that the banks will start lending then this will make the second half of the TARP money a more sensible thing to release.
Congressman Frank added that this money will be able to reduce forclosures which was written into the original TARP Bill, some of which was ignored. Congressman Frank believes these new rules and restrictions in the TARP will make sure that these stipulations are enforced. Frank says if the banks don't like these rules, then simply give the money back.
Finally, The Congressman said that trust but verify is the approach to the Obama Stimulus. He said that the money being spent within the stimlus will go to construction and hiring people - it will create jobs. This is a key element of the Obama plan and one that he supports.
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Frank To Set Rules on TARP
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