Frank Rewriting Wall Street Rules as Public Yawns

By Kevin Spak,  Newser Staff
Posted Aug 25, 2009 11:59 AM CDT
House Financial Services Committee Chairman Rep. Barney Frank opens a hearing with Treasury Secretary Timothy Geithner in July.   (AP Photo/J. Scott Applewhite, File)
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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.