Projo 7 to 7 News Blog

PROVIDENCE -- Rhode Island Reps. James R. Langevin and Patrick J. Kennedy and Massachusetts Rep. Barney Frank are scheduled to talk to members of the media at Brown University this afternoon about the approved $700-billion bailout of the nation's financial system.

The bailout, known as the Emergency Economic Stabilization Act, was signed into law Friday.

The three Democratic lawmakers are scheduled to appear at 3 p.m. at the university's Horace Mann House, 47 George St.

Frank is scheduled at 4 p.m. to be at the university for "An Afternoon with Barney Frank." Check out projothebeat.com for information.

A news release announcing their visit described Frank as a lead negotiator for the plan in the U.S. House of Representatives.

Langevin said in the statement: "I am pleased this Congress came together at a crucial moment to reach a bipartisan compromise to rescue not only our financial markets but our entire economy. However no one is celebrating the tough decisions that were made.

But he added that "our economy is in dire shape and drastic action was needed."

The news release touted the bailout as something that will:

* Reinvest in the troubled financial markets

* Reimburse taxpayers and make sure they share in any profits resulting from the government's help

* Reform how business is done on Wall Street with strong independent oversight and transparency

* Limit excessive executive compensation

* Take action to prevent the foreclosures that are continuing to drive down home values.

 Tags  Brown University Congress financial bailout Kennedy Langevin

Comments

Roland said:

So when Frank said Fannie and Freddie were solid just a couple of months ago, I guess he was kidding or was he just sick that day and didn't get the memo?

Does anyone feel comfy that Starkist, which is based in Pelosi's hometown, is getting some bailout money under some American Samoa relief fund? Funny how Starkist has a plant in American Samoa, huh?

How about Reed taking the $2.7M from the very people he was suppose to oversee?

Listen to the Buddy Cianci show for daily details.

Link | October 6, 2008 4:47 PM
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Shoshot said:

Barney Frank is as responsible for this crisis as any of the bank executives, if not more so. He was in favor of the banking deregulations in the 90s while his partner was an executive at Fannie Mae. Read the following link.

http://www.foxnews.com/story/0,2933,432501,00.html

Link | October 6, 2008 8:27 PM
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