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Rep Frank to release TARP rules revision bill

WASHINGTON
Fri Jan 9, 2009 10:31am EST

WASHINGTON (Reuters) - The chairman of a key committee of the U.S. Congress said a draft bill will be released later on Friday proposing revised rules for the government's $700-billion financial bailout program.

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The revisions are expected to include calling for intensified efforts to reduce home foreclosures, said Rep, Barney Frank, who heads the House of Representatives Financial Services Committee, at the outset of a panel hearing.

"A draft of that will be released today," Frank said, adding that he is targeting a hearing and a possible House floor vote next week on the bill.

(Reporting by Kevin Drawbaugh, editing by Gerald E. McCormick)
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