Barney Frank Wants Banks To Pay For Budget Cuts (JPM, BAC, GS)

Barney Frank (D-MA) wants JP Morgan JPM, Goldman Sachs Group GS and Bank of America Corp. BAC to pay for the housing programs that Republicans are trying to cut.

Frank, the top Democrat on the Financial Services Committee, introduced a measure today that would impose a $2.5 billion tax on firms with more than $50 billion in assets, as well as hedge funds who run more than $10 billion to help pay for this.

Republicans want four housing programs in order to cut federal spending. Yesterday, they voted to eliminate the Neighborhood Stabilization Program, and are scheduled to vote on getting rid of the Home Affordable Modification Program.