Frank says financial sector reform bill will stop bailouts, bashes Republicans

Republican arguments that proposed financial regulatory overhaul legislation would perpetuate bailouts is "triply phony," a House lawmaker said Friday. 

House Financial Services Chairman Barney Frank (D-Mass.) called the claim "the phoniest issue I've seen in a very long time" because the money to wind down firms would come from financial institutions not taxpayers and wouldn't be used until a firm is dead, not to save it from failure. 

AIG was bailed out with public money and "we make that impossible," Frank said today during an interview on MSNBC. "None of the money involved here is either going to be taxpayer money."