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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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.

- Frank Ahrens
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By Frank Ahrens  |  January 9, 2009; 1:09 PM ET
Categories:  The Ticker  | Tags: Barney Frank, bailout  
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Section 115 of the TARP legislation states that only the president can request release of the additional TARP funds. The last time I checked, Congressman Frank was not the president.

In addition, Section 133 requres the SEC to submit a study to Congress on mark-to-market accounting 90 days after passage of the TARP legislation. Whatever happened to that?

Washington is getting sloppy in its handling of these funds and in adhering to the legislation they passed.

Posted by: vincepage | January 9, 2009 3:20 PM | Report abuse

Out of control spending coming to a neighborhood near your wallet.


Is that an intelligent way to run a country? Is it right that Democrats be getting off “scott free.”
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It was evident then, it is even more evident now. Yet no feet are being held to the fire. Can we assume Madoff arrived just in time to take the brunt of it, deflecting all attention from where it should be focussed?

Will anything change? No chance. America is heading into the new and never before seen levels of debt. Here comes inflation.

Posted by: JamesRaider | January 10, 2009 3:59 AM | Report abuse

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