Statement of Financial Services Committee Chairman Frank on Resolution Authority
House Financial Services Committee Chairman Barney Frank today made the following statement in reaction to the front page story, “Lawmakers Plot Finance Shake-up,” in today’s Financial Times:
“Today’s story is a generally accurate picture of the current debate on creating a resolution authority, but the article misstates one point. While we are considering how best to fund the resolution authority, I believe there is a consensus on the House Financial Services Committee that small banks that have not contributed to the problem should not be assessed for the fix.
“In fact, I believe we should be addressing the current problem of FDIC assessments and we should not be contributing to the problem.”