By Silla Brush - 06/22/10 09:47 PM EDT
Lawmakers finalizing the Wall Street overhaul bill are considering new assessments on big financial firms to cover the costs of $4 billion in housing aid.
House Financial Services Committee Chairman Barney Frank (D-Mass.) was originally looking to redirect money from the $700 billion financial bailout to support $3 billion in housing assistance and $1 billion for city and state efforts to ease foreclosure problems.
A Frank spokesman said an assessment could now fall on banks with at least $50 billion in assets and hedge funds with at least $10 billion in assets.
Rep. Maxine Waters (D-Calif.) has pushed hard for the $3 billion in housing assistance for unemployed homeowners to make their mortgage payments.
"If we pass this bill without doing anything to prevent foreclosures--if we fix Wall Street and ignore Main Street--we will have done a disservice to our country," Waters said in a statement on Tuesday.