Frank says no planes for TARP recipients

WASHINGTON, Jan. 12 (UPI) -- U.S. Rep. Barney Frank, House Financial Services Committee chairman, wants companies that get federal bailout funds to get rid of their corporate jets.

The Hill reported Monday that Frank, a Massachusetts Democrat, has introduced legislation that would institute a wide range of restrictions to participants in the Troubled Asset Relief Program.

One provision specifically prohibits companies that own, lease or hold an ownership stake in private planes from receiving bailout money unless they can show they are in the process of getting rid of their access to the planes.

The legislation comes weeks after congressional lawmakers scolded the heads of the Detroit automakers for traveling to Washington aboard corporate jets at the same time they sought a taxpayer bailout.