The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., chatted with reporters after the president's speech last night.
“I’m glad the president said what he said,” Frank said. “It’s not that making the speech was going to help, but failure to make a speech was probably hurting. In America, if you don’t hear from the president, it’s not a crisis.”
Frank says that House and Senate Democrats have agreed upon what should be in the Wall Street bailout legislation. This morning Frank, his Senate counterpart -- Senate Banking Committee Chairman Chris Dodd, D-Conn. -- and top Republicans will meet to try to hammer out a final agreement. He was optimistic.
“All of a sudden, now that we’re on the verge of making a deal, John McCain drops himself in to make a deal," Frank said. "I really worry about this politicization of it."
"Frankly, we’re going to have to interrupt a negotiating session tomorrow between the Democrats and Republicans on a bill, where I think we’re getting pretty close, and troop down to the White House for their photo-op, and then come back and get on to it," Frank said.
“We’re trying to rescue the economy, not the McCain campaign,” he added.
- Jake Tapper and Dean Norland