Barney Frank: Obama's TARP to Include Lending Push

Key democratic lawmaker says the current administration will learn from Bush's mistakes.

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Banks that have received government bailout funds have been slammed for not using much of the cash to make loans. But during an appearance yesterday on ABC's This Week with George Stephanopoulos, House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, suggested that the new administration's financial bailout plan will include efforts to increase lending.

FRANK: …it is a mistake to assume that the Obama administration hasn't learned from the mistakes of the Bush administration. I believe they're going to do it very differently.

I agree that Secretary Paulson, whom I generally admired, made a mistake in not pushing them to do more lending. I think you're going to see the Obama administration, having learned from that, push for much more lending. There are going to be some real rules in there.

[See How Barack Obama's Bailout May Differ From Henry Paulson's.]

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