House Financial Services Committee Chairman Barney Frank made the following statement today after Minnesota Rep. Michele Bachmann issued a news release touting an amendment she offered to the Mortgage Reform and Anti-Predatory Lending Act of 2009.

“I made a mistake yesterday in not objecting to the Bachmann amendment. I did not read it carefully, and it was in the last minute that the amendment was accepted.  It is a deeply flawed amendment and I am opposed to it. 

“Banning people from possible participation in government programs based on an indictment is a violation of the basic principles of due process, and I intend to offer a corrected amendment when the bill comes to the floor of the House next week.”

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