House Financial Services Committee Chairman Barney Frank said Monday that Treasury Secretary Henry Paulson is being “unreasonable” by asking for Congress to pass massive bailout legislation in the next 24 hours.
Frank also said it is unreasonable for Paulson to demand a ‘clean” bill without strict limits on “golden parachutes” for CEOs of failed banks, outlining a key fault line in the upcoming legislative debate.
“Secretary Paulson… is being entirely unreasonable, when he’s worked on this for some days, sent it to us Saturday morning and wants it passed by Monday,” Frank said Monday morning on “Good Morning America.”
Republican Rep. Chris Shays agreed with Frank, saying he wants to make sure members have a chance to debate the bill on the House floor.
Frank also reiterated the demand of many Democrats to see limits on executive compensation and tough new regulations included in the roughly $700 billion bailout plan.
“I think it would be outrageous to say to taxpayers, we are going to put a lot of your money at risk…to help deal with people in the private sector who made bad decisions,” Frank said. “Oh and by the way, the people who made those bad decisions can continue to get very large compensation packages, including these golden parachutes.”