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Frank Asks Acting Comptroller Walsh to Clarify Comments on “Safety Net” for Financial Institutions

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Washington, DC, July 13, 2011 | comments

WASHINGTON – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released this letter sent yesterday to John Walsh, Acting Comptroller of the Currency.

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Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released this letter sent yesterday to John Walsh, Acting Comptroller of the Currency.

In the letter, Congressman Frank asks Acting Comptroller Walsh to clarify his recent remarks in an address before the Centre for the Study of Financial Innovation, in which Walsh suggests that there should be a “public safety net” for large financial institutions.

The Wall Street Reform and Consumer Protection Act which was signed into law last year specifically prevents taxpayer bailouts of such institutions.  Frank writes that “if that is not what you meant in your remarks, I would appreciate your dispelling this notion immediately so that taxpayers and market participants are confident that the U.S. government stands firmly behind the idea that the era of government bailouts is over.”

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