Frank Blasts Treasury on Bailout
Rep. Barney Frank (D-Mass.), one of the chief architects of the $700 billion Wall Street rescue/bailout, blasted Treasury's execution of the plan, saying the agency is "perilously close to a breach of faith."
Frank's comments come following yesterday's report on the bailout by the Government Accountability Office, saying the administration is not adequately overseeing the plan.
“The bad news was confirmation by the GAO in its first report about the program that Treasury has no way to measure whether taxpayer funds invested in banks are being used in accordance with the purpose of the law -- to increase lending,” Frank said in a statement. “The much worse news is Treasury’s response that it does not even have the intention of doing so.”
Frank promised a hearing based on the GAO's findings.
Treasury said it "welcomes further discussions" on how well it's handling the bailout.
December 3, 2008; 2:54 PM ET
Categories: The Ticker | Tags: Barney Frank, Treasury, bailout
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