Rep. Frank on Economic Stimulus

Financial markets across the world are responding to the United States' decision to slash its benchmark interest rate.

This reaction comes a day after the US Federal Reserve delivered its biggest one-day rate cut in more than 23 years. Fed Chairman Ben Bernanke announced the move yesterday, amid concerns about a plunge in global markets and fears of a recession.

It's the Fed's first emergency cut since 9/11, and it came the same day President Bush was meeting with Congressional leaders about the details of a proposed economic stimulus package.

Massachusetts Representative Barney Frank is involved in those talks. He's Chairman of the House Financial Services Committee and joins WBUR's Bob Oakes to discuss the proposals.