Rep. Frank Set to Release Second TARP Bill Next Week

Jessica Holzer reports from Capitol Hill on the financial-rescue legislation. The Democrats’ top congressional negotiator on the financial rescue said legislation laying out the conditions for the release of the remaining $350 billion in rescue funds would hit the U.S. House floor next week. Speaking at a meeting of his panel, House Financial Services Committee Chairman Barney Frank said he would release a draft of the bill Friday. Frank said the U.S. Treasury hasn’t yet asked for the remaining funds, but he said congressional Democrats “thought it was important to make it clear what our requests would be.” Frank said the bill would require the federal government to do more to help strapped homeowners avoid foreclosure. He said it would also increase the role of the Federal Housing Administration in helping such homeowners. Frank spearheaded the creation of a program last summer, Hope for Homeowners, to refinance as many as 400,000 borrowers into more stable ... (link)