Frank: Banks, hedge funds to pay up to $19 billion for Wall Street overhaul

Large banks, hedge funds and other financial firms will pay up to $19 billion to cover the costs of the Wall Street overhaul bill, a key lawmaker said late Thursday.

Rep. Barney Frank (D-Mass.) said the firms will face an assessment administered by the Federal Deposit Insurance Corporation (FDIC). The $19 billion will go to cover the costs of the overhaul bill.

Earlier, Frank had said the assessment would fall on banks with at least $50 billion assets and hedge funds with at least $10 billion in assets. Frank had said earlier that the assessment would last up to five years.