Rep. Frank: Bill for Next $350B of Bailout to be Filed Today
Rep. Barney Frank (D-Mass.), chairman of the Financial Services Committee, announced moments ago on Capitol Hill that he will file a bill authorizing the release the remaining $350 billion of the $700 billion rescue/bailout package today and that he expects a vote next Wednesday.
This $350 billion will have tougher terms for those who take it, The Post's David Cho reported this morning.
Frank and other lawmakers want Treasury to better explain and account for how it will spend the $350 billion; firms that receive funding may have to submit to terms like those imposed on Detroit automakers that received $19.4 billion in emergency bridge loans.
"I think they should spend the next $350 billion," Frank said. "There is a need for it in the economy.
January 9, 2009; 1:09 PM ET
Categories: The Ticker | Tags: Barney Frank, bailout
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