Rep. Frank floats the bank-tax idea and aims to tackle Fannie, Freddie

07/18/2010 | Bloomberg

Rep. Barney Frank, D-Mass., said Congress should consider a $90 billion tax on financial institutions proposed by the White House to cover the cost of the rescue of the industry. Treasury Secretary Timothy Geithner said the Obama administration is planning to push for a broader tax, Frank said. Frank also said he plans to draft legislation that would establish a system to replace Fannie Mae and Freddie Mac, which have private shareholders and a public mission. "I'm more on the side now of trying to separate out this hybrid thing," Frank said. "I believe we should go out of here with a version of what's going to replace it."

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