Barney Frank: “I have to differ with my friend from Texas when he says it sends a signal that they shouldn't have $350 billion without…”

“I have to differ with my friend from Texas when he says it sends a signal that they shouldn't have $350 billion without a plan. They know they have the $350 billion. This is an effort to strengthen our hand when we impose some constraints on them. But the signal it sends is we care about these substantive issues: Foreclosure, requiring a disclosure, et cetera. It does not send a signal that they have $350 billion, because they have it. They don't need a signal. $350 billion is better than a signal; it is now legally theirs to spend without any constraint, except what we are able to impose on them through our efforts. I understand the gentleman disagrees with some of the specifics. Those were entirely reasonable points to make. But the notion that we shouldn't send them a signal to spend the money misses the point that they are about to spend the money next week whatever we do, and all we can do at this point, given what the Senate has done, is to try to impose some of the concerns we have on them.”