Barney Frank: “If the gentleman will yield, yes, he's correct. What we, in fact, say…”

On the recordJanuary 14, 2009

If the gentleman will yield, yes, he's correct. What we, in fact, say here is that nothing should be advanced to a bank without an agreement in advance as to how it should be used. Now, we would expect a great bulk of the funds, the agreement would say, be re-lent, but that's not the exclusive purpose. There are other valid purposes. What this bill says, however, is that that would have to be clear up front as one of the permitted purposes, and we do believe that this Treasury Department, given that, yes, they would accept that as a very valid use.

Said by

Barney Frank

Democratic · Massachusetts

Source

govinfo.gov

Editor's note · Context

Discussing the conditions for advancing funds to banks in a legislative context.

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Barney Frank: “If the gentleman will yield, yes, he's correct. What we, in fact, say here is that nothing should be advanced to a bank…”

Editor's note · Context