Barney Frank: “And I guarantee, because the Senate has acted, we will have tough auditing provisions of the Federal Reserve in the…”

“And I guarantee, because the Senate has acted, we will have tough auditing provisions of the Federal Reserve in the final bill. And I do want to note to my friend from Texas that, when the Republicans offered a motion to recommit to the bill, they would have wiped out a number of things, including his audit provision. So despite the fact that my friend from Texas temporarily abandoned his audit provision to the perils of a recommittal provision, I will join with him in reviving it. And, as he knows, we have in our bill a severe limitation on this power under section 13(3) for making these loans. What they did with AIG will no longer be possible. There will be no more loans to individual institutions. But he has been the leader on the audit situation, and I intend to continue to work with him to make sure it is well done.”