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Rep. Frank: New Bailout Plan Lacking

This article is more than 13 years old.

The US Treasury has refocused its financial rescue package. Originally, the plan was to buy bad mortgage-backed assets. Now the government will spend the rest of the $700 billion bailout funds on easing the pressures on consumer credit.

When he delivered his status report yesterday, Treasury Secretary Henry Paulson said, "As the situation worsened, the facts changed."

Massachusetts Congressman Barney Frank was a lead negotiator in Congress on the financial bailout package. He chairs the House Financial Services Committee, and joins WBUR's Bob Oakes for a conversation about the latest development.

This program aired on November 13, 2008. The audio for this program is not available.

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