Barney Frank: “Reclaiming my time, the gentleman quoted Barofsky, quoted La Raza. Those figures are nowhere in there. And their credit…”

“Reclaiming my time, the gentleman quoted Barofsky, quoted La Raza. Those figures are nowhere in there. And their credit is not worse off because they're in the program. That's the fundamental flaw. What they are saying is--and people have said, the gentlewoman from Illinois--go to the private sector. The problem, by the way, that La Raza has is this is too much private sector. La Raza's problem here is that the problem is that it leaves too much to the private sector. The private sector does the easy stuff. The notion that more people are hurt than helped is simply nonexistent. By the way, we've always heard from my Republican friends that we shouldn't be the nanny state, to let people make choices. No one is forced to go into this program. If they can go into another program, they can make it better. The final point I want to make is this. Yes, there is a question about who pays for it. Under the TARP bill that we passed, it is mandated that in 2013 we get money from the financial institutions for this. In the financial reform bill that passed the House, we had a provision that required that that assessment be made right away. In the conference report on financial reform, we had an assessment on the financial institutions, those above $50 billion in assets, except hedge funds above $10 billion. We have had three legislative efforts to assess these costs on the financial institutions.…”