Frank Criticizes Effort to Repeal Financial Overhaul Bill
Rep. Barney Frank, the top Democrat on the House Financial Services Committee, invoked images of the Wild West in blasting efforts by Rep. Michele Bachmann (R-Minn.) to repeal the financial overhaul bill passed last year.
Supporters of the effort "yearn to return to the thrilling days of yesteryear, so the loan arrangers can ride again-untrammeled by any rules restraining irresponsibility, excess, deception, and most of all, infinite leverage,'' Frank (D-Mass.) said in a statement.
Bachmann introduced the measure, HR 87, yesterday and so far it has four cosponsors.
Frank said the measure shows that the GOP is going back on its pledge not to enact policies that will bring additional uncertainty to the economy.
Even if the financial overhaul measure, of which Frank was one of the main authors, isn't repealed, Republicans have said they plan to closely monitor its implementation and possibly revisit certain portions of it.
The law creates a bureau to regulate consumer financial products and this has been roundly criticized by Republicans and many lobbyists for financial services providers. The bureau, which is set to begin operating later this year, will be housed in the Federal Reserve but have an independent director appointed by the president.