Barney Frank: “Mr. Chairman, the failed premise of that last comment is that if we ask members of board of directors to do 8 hours of…”

“Mr. Chairman, the failed premise of that last comment is that if we ask members of board of directors to do 8 hours of community service, they will reject the loan. I reject that. People who serve on the board of directors have a responsibility to the stockholders whom they represent, they have a fiduciary responsibility. I reject the notion that they would be so mean-spirited and so unwilling to contribute that if they were told they had to do 8 hours of community service, they would refuse the loan. I was disappointed, I must say to the gentleman. When he began, people who live in public housing, I thought he was going to say people who live in public housing should not throw stones. If he had, I think it would have been a better argument than the one he made.”