Massachusetts Rep. Barney Frank, the powerful top Democrat on the House Financial Services Committee, announced Monday that he is retiring from the seat he has held for more than three decades…His decision will almost certainly have ripple effects as Democrats compete for Frank’s committee slot. Rep. Maxine Waters (D-Calif.), the second-ranking Democrat on the Financial Services Committee, has already started making calls to colleagues to try to shore up support to succeed Frank in her party’s top post on the panel. [Politico]
Barney Frank
The Fed today released a paper in its Finance and Economics Discussion Series that looks into whether the subprime bubble was caused by the Community Reinvestment Act, which requires banks to lend to lower-income borrowers, or by Fannie and Freddie lowering credit standards for low-income borrowers. Short answer: no. Continue reading »
A year after the passage of the Dodd-Frank Act, graphic designers continue to find new ways to explain how confusing it is and how little progress there’s been on some of the rulemaking to implement it. According to Barney Frank, that notion could not be further from the truth. Speaking with Dealbook about the legislation, the Congressman cleared up a few other misconceptions, like the idea that Congress “punted” the most important regulatory decisions to the SEC and CFTC.
Frank: We didn’t punt anything. You can’t do these things without setting general rules. I mean, if the question is, should we have said specifically – first of all, there are two problems if you did things specifically. On the one hand, you get people to get around it. If you are very specific about what you have banned, I guarantee you these people will find other ways. You have to have more general such rules.
Or that the agencies are at all to blame for delays in rulemaking: Continue reading »
-
Posted in:
Banks
Barney Frank Wants Steve Cohen To Pay For Housing Programs Republicans Would Cut
By Bess Levin
As you may have heard, Republicans want to get rid of several housing programs, including the Neighborhood Stabilization Program and the Home Affordable Modification Program. Representative Barney Frank does not want them eliminated but understands the other party has issues with federal spending and has therefore proposed a compromise for where the money can come from. Continue reading »
Barney Frank is a pretty well-known Representative. But you know what? Some people just don’t keep up with the who’s who of Congress. Having said that, I’m pretty sure Mr. Frank did not go to the trouble of crafting this financial reform bill thing so that he could show up to various establishments (night-clubs, the supermarket, the ferry to Fire Island, what have you) and suffer the indignity of not only having to ask “Do you know who I am?” but have the answer be “No” and/or “I don’t care, sir.” Continue reading »
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
