Frank Offers ‘Grand Bargain’

ABC News’ Teddy Davis Reports: One day before assuming the chairmanship of the House Financial Services Committee, Rep. Barney Frank (D-Mass.) called for a "grand bargain" between business and workers in a speech to the National Press Club.

The newly empowered Massachusetts lawmaker said that he will urge businesses to accept a single-payer health-care system, higher wages at home, labor and environmental standards abroad, limitations on executive pay, and a law to simplify union organizing in exchange for pro-business policies on trade, immigration, and foreign direct investment.

In a reference to the dictum that a "rising tide lifts all boats," Frank said, "The ‘rising tide’ is a good idea if you have a boat. But if you are standing on your tiptoes and the tide rises, it’s in your nose."