WASHINGTON (AP) - One of the chief architects of the financial
bailout bill says passage is only the first step to solving the
nation's economic problems.
In the moments before the House voted to approve the bill,
Massachusetts Democrat Barney Frank pledged (quote) "serious
surgery" next year to address the underlying causes of the crisis.
Frank, chairman of the House Financial Services panel, was a
leading negotiator for Democrats on the bailout package.
Frank said lawmakers were like EMTs rushing to rescue an economy
from choking. But he said the bill was just the beginning of a much
larger task Congress will tackle next year -- overhauling housing
policy and financial regulation in a legislative effort he compared
to the New Deal.