Frank: Congress Can Address Brown's Bank Bill Concerns
Legislative leaders in Washington are working to regain support from Sen. Scott Brown for the massive overhaul of the financial industry.
The Massachusetts Republican has backed the bill in the past but now says he can't support a compromise version that charges $19 billion in fees to large banks and hedge funds. The tax was added at the last minute to pay for the costs of implementing the bill.
Massachusetts Rep. Barney Frank, who chaired the conference committee that crafted the reconciled legislation, says he's surprised by Brown's stance.
"Increased regulation over 10 years costs us money," Frank said. "We thought the best way to pay for it without adding to the deficit was to assess financial institutions with over $50 billion in assets. And I don't understand why there would be an objection."
However, Frank says he's willing to address Brown's concerns and re-open negotiations.
"This won't kill the bill," Frank said. "There are other ways to pay for it. I think this would have been the fairest way, but it may well be that they'll have to work out an alternative way to pay for it."
Brown has become a crucial swing vote in the Senate on the issue in light of the death of Democrat Sen. Robert Byrd.
This program aired on June 29, 2010. The audio for this program is not available.