Barney Frank Hedge Funds
Barney Frank: Hedge Funds, Banks to Pay $19 Billion
U.S. lawmakers plan to collect roughly $19 billion from the nation’s largest financial institutions to pay for the cost of financial overhaul legislation, a top House Democrat said Thursday evening.
Rep. Barney Frank (D., Mass.) told reporters during a break in negotiations that the cost would likely be spread out over several years. The fee would offset any increase in the deficit caused by the legislation, which would create a broad new regulatory regime to address shortfalls laid bare by the recent financial crisis. Source