Frank: Congress could slash rescue plan for banks

11/3/2008 | Boston Herald

House Financial Services Committee Chairman Barney Frank, D-Mass., said Congress may halve the $700 billion rescue plan if banks use the money for bonuses, dividends and other spending not related to making loans. "If people [in Congress] don't see it going for loans, there's going to be a revolt," Frank said. Many lawmakers have been upset that the rescue plan has not gone directly into easing tight credit markets.

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