Banks and hedge funds could face up to $20 billion in fees in the next five years to pay for an overhaul of Wall Street, a key lawmaker said Wednesday. Rep. Barney Frank (D-Mass.) told reporters that large banks and hedge funds could face a fee of, "$3 to $4 billion a year for four to five years." That would range from $12 billion on the low end to $20 billion on the high end. Lawmakers have yet to release the details of the fee provision. Frank said the assessment would help cover the cost of a 2,000-page effort to remake financial regulations. He said the costs of the overall bill would be significantly less than $30 billion and that several of the bill's provisions would also help cover the cost.
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