Rep. Frank comments on the state of the economy

(Alison King, NECN) - One of the key players helping craft legislation to fix the economy is Massachusetts Congressman Barney Frank. Today the chairman of the House Financial Services Committee was back in the Bay State, giving an update on the work being done to turn things around. Speaking to students and faculty at Brandeis University, Barney Frank says the American people are so angry right now at both the government and the state of the economy -- that they're having a hard time reconciling what Frank believes is a step that needs to be taken in order to move forward. That is -- to provide immediate benefit to the people who run the nation's credit system, many of whom, Frank says are culpable and the very targets of the people's anger. As the chair of the House Financial Services Committee, Frank is at the center of the debate surrounding the economic stimulus plan, which he says is already being negotiated behind closed doors by House and Senate leadership. Frank says that reductions in state spending in the senate bill would hurt local communities -- and would likely result in layoffs of police and firefighters. Senate Republicans have called that claim "fear mongering."