Statement of Chairman Barney Frank
House Financial Services Committee Chairman Barney Frank made the following statement in reaction to the remarks by Treasury Secretary Timothy Geithner introducing the Financial Stability Plan:
“Treasury Secretary Geithner made a number of improvements to the overall TARP program that will increase accountability and transparency of this taxpayer-funded rescue of America’s financial institutions. He should be commended for doing so. I look forward to working with Secretary Geithner and his team on the details of the Financial Stability Plan to produce for the American people a program that is more open, works better, produces more lending and reduces foreclosures. Today, the Secretary acted in much the same way as the TARP Reform and Accountability Act that passed the House in January. While the Secretary’s speech moves in the right direction on all fronts, some specifics remain to be detailed. I do have two particular concerns.