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Frank continued to strike a populist tone in saying that it would be a "grave mistake" to approve a $700 billion bailout of financial institutions without limiting executive compensation in the rescue package.
"These are corporations that are offering to us bad debt. They are hoping that we will buy some of their bad debt. I think it's entirely legitimate to say as a condition of buying the bad debt, we want some compensation restriction," said Frank.
"I don't want the federal taxpayer to be at risk for their bad debt, and then the guy who incurred the debt gets tens of millions of dollars on the way out the door."
Frank also stressed the need to want to add some language that will slow down the number of home foreclosures.
"It's hard to tell the average American that we're going to continue to have foreclosures that destabilize neighborhoods and deprive cities of revenues they need, but we're going to buy up the bad paper."
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