News List

Frank Blasts Efforts to Weaken Financial Reform Law

| Posted in Press Releases

WASHINGTON – Congressman Barney Frank today released the following statement in the wake of the passage on Wednesday evening of two bills in the Capital Markets Subcommittee of the House Financial Services Committee which would eviscerate two important provisions of the Wall Street Reform and Consumer Protection Act.

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Frank Assails Republican Block on Cordray Nomination

| Posted in Press Releases

WASHINGTON – Congressman Barney Frank today released the following statement about the successful Republican efforts in the Senate to block the nomination of Richard Cordray to head the Consumer Financial Protection Bureau:

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Frank Requests Hearing on Alleged Misconduct by Ally Financial

| Posted in Press Releases

Congressman Barney Frank today urged Financial Services Committee Chairman Spencer Bachus to hold a hearing on allegations of misconduct by Ally Financial in its dealings with homeowners. In his letter to Mr. Bachus, Frank expressed his support for a request for a hearing on Ally Financial by Massachusetts Attorney General Martha Coakley. Yesterday, Coakley sent a letter to House Financial Service... Read more »

Barney Frank Announces that He Plans Not to Run for Re-election in 2012

| Posted in Press Releases

Congressman Barney Frank today announced that he will not run for Congress in the 2012 election. Frank began his political career in 1967 as the Executive Assistant to Mayor Kevin White of Boston. In 1971, he served as the Administrative Assistant to Congressman Michael Harrington of Massachusetts. In 1972, he was elected to the Massachusetts House of Representatives – he held that seat for eight ... Read more »

Democrats Cite Evidence that Republicans Take Conflicting Positions on Compensation for GSE Executives

| Posted in Press Releases

WASHINGTON – During a markup in the Financial Services Committee today, Democrats cited evidence that Republicans are less committed to limiting compensation of executives of Fannie Mae and Freddie Mac than might be suggested by their support of the legislation under consideration, H.R. 1221, the “Equity in Government Compensation Act of 2011.”

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Frank Lauds Choice of Humphrey to Head CFPB Office of Older Americans

| Posted in Press Releases

Barney Frank today released the following statement in response to the announcement by the Consumer Financial Protection Bureau that Hubert H. “Skip” Humphrey III has been chosen to head the new CFPB Office of Older Americans. “The appointment of former Minnesota Attorney General, Hubert H. Humphrey III, to head the CFPB Office of Older Americans continues a pattern of excellent choices by this im... Read more »

Frank Calls for Increased Democratization of the Federal Open Market Committee

| Posted in Press Releases

WASHINGTON – Congressman Barney Frank today released a detailed statement calling for increased democratization of the Federal Open Market Committee (FOMC), the body within the Federal Reserve that oversees monetary policy by setting targets for interest rates. This issue is particularly important because of the powerful role being played by the FOMC during the current period of considerable economic distress.
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Frank Responds to Reports of Campaign Contributions to Reward Opponents of Financial Reform

| Posted in Press Releases

Congressman Barney Frank today released the following statement in response to press reports that Republican leaders, who have strongly opposed Wall Street reform, are receiving greatly increased campaign contributions from Wall Street firms.  An article published by Bloomberg News states that campaign contributions to House Speaker John Boehner have increased six-fold over the same period in the last election cycle, and that “three of the biggest sources of Boehner’s campaign cash are employees of three Wall Street investment houses.” 

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Frank Statement on the Nomination of Richard Cordray to Head the CFPB

| Posted in Press Releases

Congressman Barney Frank today released the following statement regarding the nomination of Richard Cordray to head the Consumer Financial Protection Bureau. "I have strongly supported Elizabeth Warren and she would be my first choice for the position. I regret that she has fallen victim to such wholly unjustified political attacks." "The President has made the second best appointment possible. Ri... Read more »

Frank Dismisses S&P Report on the Need for Future Bailouts

| Posted in Press Releases

Congressman Frank strongly rejects the claim by S&P that it is likely that there will be future bailouts of large financial institutions and suggested that “you reconsider your apparent decision to diversify into legislative analysis and political prognostication.”

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House Democrats Request Extension for OCC’s Proposed Rule on Preemption

| Posted in Press Releases

Five senior Members of the House Financial Services today sent a letter to John Walsh, Acting Comptroller of the Currency (OCC), requesting that he extend the comment period for the proposed rule on preemption and visitorial powers for national banks for at least 60 days.  The Members, Representatives Barney Frank, Carolyn Maloney, Luis Gutierrez, Mel Watt and Brad Miller, wrote that the original 30-day comment period was "insufficient to foster a meaningful and balanced exchange of views between the OCC and other interested parties..."

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In the Wake of Global Debt Crises, House Democrats Call for Implementation of Reforms in the Wall Street Reform and Consumer Protection Act

| Posted in Press Releases

“The possibility of default on Greek or other European debt dramatically illustrates the need for the United States to move forward rapidly to implement the reforms passed by Congress in the Wall Street Reform and Consumer Protection Act.  The difficulty in global financial markets is greatly exacerbated because we don’t know who is exposed to what risks and how large those risks are.  Consequently, renewed growth is at risk everywhere.  And recent stories in The New York Times, The Financial Times, and The Wall Street Journal report that those with significant sums at risk may include American financial institutions."

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FSC Republicans Vote to Prohibit Implementation of Derivatives Rules Until Late 2012

| Posted in Press Releases

The House Financial Services Committee today, over the unanimous objection of committee Democrats, passed legislation to prohibit -- for more than two years after the enactment of the Wall Street Reform and Consumer Protection Act -- the implementation of provisions in the law having to do with the regulation of derivatives. The reckless use of derivatives contributed to the downfall of AIG and fueled the liquidity crisis which imperiled many of the nation’s largest financial institutions.  Today’s action represents a third wave of attack on the financial reform law by House Republicans.

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Frank Releases Statement on Mortgage Servicer Agreement

| Posted in Press Releases

WASHINGTON – Congressman Barney released the following statement in response to the announcement by federal banking regulators that they had successfully negotiated a consent agreement with fourteen of the nation’s largest mortgage servicers.  The agreement, which follows in the wake of examinations by the agencies of reports of widespread, potentially illegal foreclosure practices by mortgage servicers, sets down legally-enforceable orders regarding proper procedures for residential loan servicing and foreclosure processing.

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Frank Welcomes Progress in Efforts to Use Financial Pressure to Stop Persecution on the Basis of Sexual Orientation or Religious Belief in Developing Countries

| Posted in Press Releases

WASHINGTON – Congressman Barney Frank today released a letter from Treasury Secretary Timothy Geithner which marks a promising step in efforts to reduce violence on the basis of religious belief, sexual orientation or gender identity that is condoned by governments of developing countries.

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Frank Refutes Rumor of "Technical Corrections" to Financial Reform Law

| Posted in Press Releases

“I’ve read in the media that Chairman Bachus and I were discussing technical fixes to the financial reform law, including to a provision regarding rating agencies.  In fact, several weeks ago I had one conversation with him about changes I would like to make to the provision on interchange fees.  I am not aware of any other conversations going on, either about the rating agency provisions in the law or any other section. “

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