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Frank Dismisses S&P Report on the Need for Future Bailouts

Press Release

Location: Washington, DC

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the attached letter to Deven Sharma, President of Standard & Poor's regarding the credit rating agency's July 12th report entitled "The U.S. Government Says Support For Banks Will Be Different "Next Time'- But Will It?"

In the letter, Congressman Frank strongly rejects the claim by S&P that it is likely that there will be future bailouts of large financial institutions and suggested that "you reconsider your apparent decision to diversify into legislative analysis and political prognostication."

Frank also states that "any fair reading of the mood of the American public and the appetite of Congress suggests that there is absolutely no support for more bank bailouts."

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