House Financial Services Committee Chairman Barney Frank today made the following statement in reaction to the front page story, “Lawmakers Plot Finance Shake-up,” in today’s Financial Times:

“Today’s story is a generally accurate picture of the current debate on creating a resolution authority, but the article misstates one point.  While we are considering how best to fund the resolution authority, I believe there is a consensus on the House Financial Services Committee that small banks that have not contributed to the problem should not be assessed for the fix.

“In fact, I believe we should be addressing the current problem of FDIC assessments and we should not be contributing to the problem.”

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