Barney Frank Wants Steve Cohen To Pay For Housing Programs Republicans Would Cut

As you may have heard, Republicans want to get rid of several housing programs, including the Neighborhood Stabilization Program and the Home Affordable Modification Program. Representative Barney Frank does not want them eliminated but understands the other party has issues with federal spending and has therefore proposed a compromise for where the money can come from.

Frank introduced a measure today that would impose a $2.5 billion levy on financial firms with more than $50 billion in assets and hedge fund managers with more than $10 billion in assets. The money would be collected through risk-based assessments.

Problem? Solved.

Frank Proposes $2.5B Levy on Largest Banks, Hedge Funds [Bloomberg]