“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. “

WASHINGTON, D.C. – Congressman Barney Frank today announced that he would support legislative action to postpone the deadline for the Federal Reserve to issue a rule on interchange fees.  Frank’s statement, which appears below, is in response to the recent announcement by the Fed that it would not be able to meet the deadline of April 21st.

Mr. Chairman, I am very concerned about the piecemeal approach being represented by the mark-up of 8 small GSE bills today.  Naturally, any comprehensive proposal we undertake will inevitably need to include shorter-term provisions to address how we transition from where we are to where we want to be.  Those measures must both encourage the return of private capital to the market, while also ensuring that we do not disrupt our housing finance system and shake our nascent economic recovery. 

WASHINGTON, D.C. -- Today, the Oversight and Investigations Subcommittee of the House Financial Services Committee is debating the possible costs of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The legislation was crafted as a response to the financial crisis which has cost nearly 10 million American jobs and over $10 trillion in household wealth, and has led to average lost wages of more than $3,000 per household. 

Congressman Barney Frank, Ranking Member of the Full Committee, released the following statement in order to provide a context for today’s proceedings.

  Barney's big bill By MARK DeCAMBRE Updated: Fri., Mar. 18, 2011, 4:42 AM  New York Post   Barney Frank wants to send Jamie Dimon, Steve Cohen and other Wall Street titans an additional $2.5 billion tax bill to fund programs aimed at helping homeowners and communities hardest hit by the foreclosure crisis.   The top-ranking Democratic lawmaker on the House Financial… Read more »

WASHINGTON – The Internet Gambling Regulation, Consumer Protection, and Enforcement Act was introduced in the House today by Congressman John Campbell (R-CA) with Congressman Barney Frank (D-MA) as a leading sponsor. Congressmen Ed Perlmutter (D-CO) and Peter King (R-NY) are also leading co-sponsors.   The bill is identical to H.R. 2267 that was passed out of the House Financial Services Committee on July 28, 2010 with bi-partisan support.  The bill would establish a federal regulatory and enforcement framework under which Internet gambling operators could obtain licenses authorizing them to accept bets and wagers from individuals in the United States. The legislation comes in response to the enactment of Unlawful Internet Gambling Enforcement Act (UIGEA), which restricted the use of the payments system for Americans who gamble online.

WASHINGTON – The U.S. House of Representatives today will consider a bill to end the Neighborhood Stabilization Program, a program which provides funding to help communities deal with large numbers of foreclosures and abandoned properties.

WASHINGTON – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement today:

“I am very disappointed that the Republican House members who during the debate on government spending last week refused to limit agricultural subsidies to $250,000 per individual have announced that they will attempt to eliminate programs which help the victims of the financial crisis.”

WASHINGTON –  In a House Financial Services Committee hearing on Wednesday, February 16th, Members of the Committee questioned members of the Financial Crisis Inquiry Commission about the Commission’s report and their beliefs on the causes of the financial crisis.  During an exchange with Congressman Barney Frank, Peter Wallison openly praised Frank’s effort on the Housing and Economic Recovery Act of 2008 and stated “[Frank] made a wonderful compromise with secretary Paulson and we, as a result of that, got a bill that we needed very badly.”

WASHINGTON – Barney Frank, Ranking Member of the House Financial Services Committee, yesterday introduced the following amendment to the 2011 Continuing Resolution:

WASHINGTON – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement regarding the Administration’s white paper on housing finance:

 “The administration’s white paper is a thoughtful beginning that sets the stage for a constructive discussion of the future of housing finance.”

Washington – Congresswoman Maxine Waters (D-Calif.), the Ranking Member on the Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, released the following statement today after the Obama Administration unveiled its plan, “Reforming America’s Housing Finance Market”:

WASHINGTON – Barney Frank, Ranking Member of the House Financial Services Committee, today released the following response to an inaccuracy in Peter Wallison’s dissent to the Financial Crisis Inquiry Commission Report.  The section appears on page 489 of the document.

Washington, DC – Today, Congressman Barney Frank (D-MA), Ranking Member of the House Committee on Financial Services, announced the Committee’s six subcommittee Ranking Members.  These recommendations will be forwarded to the Democratic Caucus for final approval.  In addition, the Democratic membership for the six subcommittees was also announced. 

Washington, D.C. – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement in response to the Department of Labor’s December 2010 jobs report released today:

Washington, D.C. – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, released the following statement in response to Congresswoman Michele Bachmann’s effort to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act:

WASHINGTON, D.C. – House Financial Services Chairman Barney Frank today issued the following statement:

“Some recent press reports have suggested that the Dodd-Frank Act requires only a one-time audit of the Federal Reserve System. That is incorrect. In fact, the act requires an unprecedented and permanent increase in Fed transparency; new authority for the GAO to audit the Fed whenever it chooses, and a requirement that the Fed itself, on a regular basis, publically disclose detailed information about discount window transactions and open market operations as well any transactions undertaken by any new facility that the Board of Governors may create.”

WASHINGTON, D.C. -- House Financial Services Chairman Barney Frank today issued the following statement:

“Spencer Bachus’ statement to the Birmingham News that ‘Washington and the regulators are there to serve the banks,’ followed ‘later’ according to the News by a clarification, makes two things very clear.  First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules governing safety and soundness.  Second, Representative Bachus’ staff is going to be very busy getting him to retract statements in which he reveals what he really believes about a fundamental issue before the Committee.

Washington, D.C. – House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today regarding Republican attacks on efforts by the Federal Reserve to use well-understood monetary policy tools in order to help boost the U.S. economy:

WASHINGTON, D.C. – House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement today on the Federal Housing Administration’s annual report to Congress, which shows that the economic value of the FHA’s Mutual Mortgage Insurance Fund (MMIF) has improved by $1 billion since last year:

House Financial Services Committee Chairman Barney Frank (D-MA) and House Ways and Means Committee Chairman Sander M. Levin (D-MI) issued the following statement today on the quantitative easing undertaken by the Federal Reserve.

WASHINGTON – Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, today joined in releasing and commented on the report of the staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues regarding the findings of the events of May 6, 2010, when major equities indices, individual stocks, and exchange traded funds rapidly fell and quickly recovered within a matter of minutes.  Chairman Kanjorski convened the first congressional hearing on the “flash crash” on May 11, 2010.