Frank Accuses GOP of Trying to Defang Financial Regulators
Rep. Barney Frank, D-Mass., accused House Republicans on Tuesday of trying to defund the Dodd-Frank financial overhaul that he championed last year. Frank, said that GOP lawmakers are out to sabotage the act under the guise of deficit-cutting.
"The Republicans will defund the agencies effectively not because [of the deficit]--this is relatively small compared to what is spent at the Pentagon and elsewhere--but because they are philosophically opposed to this kind of regulation," he said. "And I don't think the public wants to go back to the days of unrestrained trading and derivatives."
"I am surprised at the vehemence of their assault on the CFTC," he said. "I would have thought that even among people in the tea party, credit default swaps would not be that popular."
Publication
National Journal
Date
January 25, 2011
Cross References (links may require a Cabinet subscription)
Dodd-Frank Act, Title VII