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Frank Rewriting Wall Street Rules as Public Yawns

By Kevin Spak,  Newser Staff

Posted Aug 25, 2009 11:59 AM CDT
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(Newser) – Barney Frank is working on the biggest legislation of his career, and no one seems to care. Frank, the chairman of the House Financial Services Committee, is preparing for markup sessions on a bill to revolutionize America’s financial regulatory structure. “It’s been eclipsed obviously in the public’s mind by health care,” Frank tells the Boston Globe, “which I am troubled by a little bit, to be honest with you.”

The legislation would put limits on hedge funds and derivatives traders, regulate the consumer market, and install oversight for the Federal Reserve. “Ron Paul agrees with that,” he says. “I am boasting about this.” But Frank isn’t big on bipartisanship; he likely doesn’t need Republican votes to pass the bill, and knows the Senate version will be more conservative.

House Financial Services Committee Chairman Rep. Barney Frank opens a hearing with Treasury Secretary Timothy Geithner in July.
House Financial Services Committee Chairman Rep. Barney Frank opens a hearing with Treasury Secretary Timothy Geithner in July.   (AP Photo/J. Scott Applewhite, File)
Barney Frank and Christopher Dodd speak with the press outside the White House in June, following President Obama's remarks on his regulatory reform plan.
Barney Frank and Christopher Dodd speak with the press outside the White House in June, following President Obama's remarks on his regulatory reform plan.   (AP Photo/Haraz N. Ghanbari)
House Financial Services Committee Chairman Rep. Barney Frank delivers remarks at a National Press Club luncheon in July.
House Financial Services Committee Chairman Rep. Barney Frank delivers remarks at a National Press Club luncheon in July.   (AP Photo/Manuel Balce Ceneta)
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COMMENTS
Showing 3 of 23 comments
John
Aug 26, 2009 1:24 AM CDT
God forbid that we try to regulate the same scum that just caused the worst financial collapse since the great depression!!!!!!
emptycalm
Aug 25, 2009 10:54 AM CDT
I hate to tell you but capitalism has been running itself into the ground for a lonnnggggg time. This guy is nothing new.
Doctor-Zaius
Aug 25, 2009 8:40 AM CDT
Maybe they could both take tap-dance lessons from larry craig?

In case you were hiding under a rock last week and missed this
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Federal Reserve • House Financial Services Committee • Ron Paul • regulation • Barney Frank • bank regulation

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