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Barney Frank hits Henry Paulson’s shift in bailout spending

U.S. Rep. Barney Frank yesterday tangled with Treasury Secretary Henry Paulson over the major change in focus of the $700 billion financial-system rescue plan.
Frank, a Newton Democrat and head of the House Financial Services Committee, grilled Paulson at a hearing yesterday over Paulson’s plan to concentrate on boosting the consumer-lending markets, rather than buying up toxic subprime-mortgage assets and addressing foreclosures across the nations.
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