Frank Thinks House Will Pass Rescue Bill
Appearing on CNBC moments ago, Rep. Barney Frank (D-Mass.), chairman of the Financial Services committee and the face of the rescue deal in the House, was asked if he has enough votes to pass the rescue bill this time: "I think so," Frank said.
The House rejected Version 1.0 of the rescue bill on Monday. The Senate passed Version 2.0 last night.
Proponents of the bill in the House need Nay votes to change to Yea votes. Frank said he believes the Senate version gives House members standing for re-election next month plausible reasons for explaining their vote change to constituents, pointing to the hike in the FDIC insurance ceiling and the extension of tax breaks.
Frank said he believes Wall Street's 778-point dive on Monday in response to the House rejection of the first version of the rescue bill scared enough lawmakers -- and constituents -- into action.
"The consequences of the failure on Monday have begun to have an impact," he said. The Dow continues its slide today, trading down nearly 250 points in the moments before lunchtime.
Asked what would happen if the House rejects this version of the bill, the puckish Frank replied: "The one consequence that I personally dread is that I would have to keep doing interviews like this for the rest of my life."
-- Frank Ahrens
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