Congressman Barney Frank today provided the following statement in response to the release by the House Appropriations Committee of two spending bills which govern funding for the Securities and Exchange Commission and the Commodity Futures Trading Commission.  The Financial Services and General Government Appropriations bill for fiscal year 2013 includes $1.371 billion for the SEC… Read more »

Congressman Barney Frank today announced that he has introduced legislation that would prevent officers, directors and employees of financial firms from purchasing insurance to prevent them from having to pay a compensation clawback or a civil penalty when their actions harm their companies. Congressman Henry A. Waxman, Ranking Member of the House Committee on Energy and Commerce, and… Read more »

WASHINGTON -- Congressman Barney Frank, Ranking Member of the House Committee on Financial Services, and Congressman Sander Levin, Ranking Member of the House Committee on Ways and Means, today released a letter to Treasury Secretary Timothy Geithner, expressing concern over future U.S. free trade agreements if very important subject of capital controls is not addressed.  Levin and Frank are leaders in the U.S. House on trade and international economic issues.

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding the announcement yesterday by JPMorgan Chase that it will lose $2 billion due to trading on credit derivatives. This regrettable news from JPMorgan Chase obviously goes counter to the bank’s narrative blaming excessive regulation for the woes of financial… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the recent agreement to reauthorize funding of the Export-Import Bank. I appreciate the work of Democratic Whip Steny Hoyer and others in forging an agreement on this strong authorization of the Export-Import Bank through 2014. I only regret that the… Read more »

Congressman Barney Frank today announced that the U.S. District Court for the District of Columbia has agreed to permit filing of an amicus brief submitted by House Democrats concerning the ability of the Commodities Futures Trading Commission to issue rules which would limit speculation in commodities markets.  In their formal submission to the Court, Democrats state that the clear… Read more »

Democratic Members of the House Financial Services Committee today issued dissenting views to the budget reconciliation legislative recommendations which passed the committee last week on a straight party line vote. Republican Members of the committee claim that the legislation will cut the deficit by approximately $35 billion over a 10-year period.  However, independent observers… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the announcement by the Federal Reserve Board concerning implementation of the Volcker Rule. The guidance issued today by the Federal Reserve regarding the Volker Rule is an appropriate and reasoned approach to the implementation of this important… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to reports that the shareholders of Citigroup have rejected the executive pay packages put forth by its board.   The vote by the shareholders of Citigroup to disapprove the pay package for its top executive is one more piece of evidence of the… Read more »

The House Financial Services Committee will today consider legislation which would eliminate an entire title of the 2010 Wall Street Reform and Consumer Protection Act and also hobble the Consumer Financial Protection Bureau. The legislative language crafted by Committee Republicans lays out recommendations for deep budget cuts in areas under the Committee’s jurisdiction.  The… Read more »

Click below for text of amendments offered (and vote tallies recorded) at the April 18th mark -up of the House Financial Services Committee to consider budget reconciliation legislative recommendations.  Final House Financial Services Committee budget reconciliation legislative recommendations AGREED TO, as amended, by a recorded vote of 31 ayes and 26 nays, FC-76.  An… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement in response to the announcement by the Obama administration that it would take further steps to restrict speculation in oil markets. Click here to view the White House fact sheet on this issue.  Congressman Frank’s statement appears below: The package of… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement vowing to fight Republican efforts to substantially weaken provisions of the 2010 Wall Street Reform and Consumer Protection Act.  In his statement, Frank strongly criticizes two bills which would create substantial loopholes in parts of the law dealing with the… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released a statement regarding the implementation of the Volcker Rule.  The Volcker Rule is a provision of the Wall Street Reform and Consumer Protection Act which would prohibit banks and their affiliates from conducting proprietary trading – speculative investments for their own profit… Read more »

WASHINGTON – Democratic Members of the House Financial Services Committee sent a letter to Chairman Spencer Bachus, requesting that he call a legislative hearing on a bill introduced by Rep. Kevin Brady (R-TX) which would strip the legal mandate that the Federal Reserve pursue policies that seek to sustain maximum employment.

Republican Members of the House Financial Services Committee today voted to reject an amendment which calls for fully meeting the President’s funding request for the Securities and Exchange Commission.  Twenty-five Republicans voted against the amendment and seventeen Democrats voted in favor of it. The amendment was introduced by Congressman Barney Frank, Ranking Member of the… Read more »

(February 29, 2012) – Reps. Ed Markey (D-Mass.), Barney Frank (D-Mass.), Henry Waxman (D-Calif.) and Elijah Cummings (D-Md.) today assailed efforts by financial trade organizations to undermine current law which, if fully implemented, would help to restrict speculation in oil prices.  Most economists agree that speculation in oil markets is part of the reason for spikes in the… Read more »

The House Financial Services Committee today passed four bills, including controversial legislation (H.R. 2308) which would require the Securities and Exchange Commission to conduct cost-benefit analyses and periodic reviews on all rulemakings and most orders that it issues.    The effect of the legislation would be to cripple the ability of the SEC to carry out its regulatory… Read more »

The House Financial Services Committee will mark up four bills this morning beginning at 10 a.m.    At least one of these bills will draw significant controversy, the “SEC Regulatory Accountability Act” (H.R. 2308) introduced by Congressman Scott Garrett.  The bill would greatly increase requirements on the Security and Exchange Commission to conduct cost-benefit analyses… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding news reports that Chairman Spencer Bachus will be investigated by the Office of Congressional Ethics.   I do not believe that Members of Congress should comment on specific ongoing ethics investigations.   In my dealings over the years with Spencer… Read more »

Congressmen Barney Frank, Michael Capuano and Stephen Lynch – all three Members of the House Financial Services Committee representing Congressional districts in the state of Massachusetts – today released the attached letter to Ed DeMarco, Director of the Federal Housing Finance Agency.  The FHFA is the federal agency which is the regulator and conservator of Fannie Mae and Freddie… Read more »

WASHINGTON – Congressman Barney Frank today released the following statement about President Obama’s plan to help homeowners and to hasten recovery in the housing market.

Congresswoman Maxine Waters, ranking member of the House Financial Services Committee, today released a letter to Ben Bernanke, chairman of the Federal Reserve, and Thomas Curry, comptroller of the currency, asking for detailed information about the abrupt termination of the Independent Foreclosure Review (IFR) process. Ranking Member Waters, a leading advocate for foreclosure… Read more »

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement about the announcement made yesterday by Federal Reserve Chairman Ben Bernanke on behalf of the Federal Open Market Committee. Yesterday’s decision by the Federal Open Market Committee to “maintain a highly accommodative stance for monetary policy” and to… Read more »