Rep. Barney Frank (D-MA), chairman of the House Committee on Financial Services, today announced that the Subcommittee on Financial Institutions and Consumer Credit will meet on Wednesday, April 1, to consider H.R. 627, the “Credit Cardholders' Bill of Rights Act of 2009.”              This credit card reform… Read more »

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, today pledged to work with each other and the Administration to modernize our country’s financial regulatory system.  In a letter to President Obama sent as he prepares to leave for the… Read more »

The Financial Services Committee today passed H.R. 1664, the Grayson-Himes Pay for Performance Act of 2009, that would prohibit certain compensation payments by companies that have received direct capital investments under the TARP program and the Housing and Economic Recovery Act until these investments are repaid.  Specifically, the bill prohibits any compensation payments that are… Read more »

Members of the Massachusetts Congressional delegation in the House of Representatives yesterday sent a letter to Treasury Secretary Timothy Geithner commending the Department of Treasury’s intention to issue a term sheet for mutual banks and saving associations that will allow those institutions to participate in the TARP Capital Purchase Program (CPP). The letter was signed by the… Read more »

CORRECTION The Daily News always seeks to be accurate in its news coverage, but when we make a mistake, we want to know. Readers noting mistakes in stories are encouraged to call city editor Will Courtney or editor John Macone at (978) 462-6666. nnn In a story that ran on page 1 in Thursday’s edition about Sixth District Congressman John Tierney’s reaction to the bailout of… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) today sent a letter to Federal Housing Finance Agency Director James Lockhart asking him to cancel planned bonuses to executives at Fannie Mae and Freddie Mac.  In the letter, Frank states:  “I am writing to urge strongly that you rescind the retention bonus programs at Fannie Mae and Freddie Mac, prohibit any… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) announced today the committee will consider legislation to prohibit any bonus payments by companies who have received capital investments under the TARP program and the Housing and Economic Recovery Act until these investments are repaid in full.  The bill also prohibits any compensation arrangements that are excessive… Read more »

During the House Financial Services Subcommittee meeting today, Rep. Barney Frank discussed the AIG employee contracts.  For your information, we have put these contracts on our website.  Click the links below to view the contract. 2008 Employee Retention Plan Confirmation and Acknowledgement Schedule to the Master Agreement Read more »

Chairman Frank press availability on Tuesday, March 17, 2009. FRANK:     All right, I'm here to answer questions.   QUESTION:     (OFF-MIKE)   FRANK:     That's a ways and means that I haven't focused on.   QUESTION:     Do you agree with the (inaudible)?   FRANK:     That's a ways and means… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) last week sent letters to the initial TARP recipients seeking information about bonuses.  The requests came after Chairman Frank requested the same information from Bank of America.  The other recipients of the letter were Goldman Sachs, JPMorgan Chase, Bank of New York Mellon, State Street Corporation, Morgan… Read more »

Congressman Barney Frank today responded to a series of repetitive, wholly inaccurate efforts by Republicans to blame Democrats, and Frank in particular, for the failure to take appropriate action to prevent bad loans being made to people who could not pay them back. “According to the Republican version of the history of the financial crisis, as presented on the House floor on… Read more »

During a Financial Institutions Subcommittee hearing yesterday regarding mortgage lending reform, the Federal Reserve, once again, unequivocally stated that the Community Reinvestment Act (CRA) played no part in the nation's mortgage foreclosure crisis. “I can state very definitively that, from the research we have done, that the Community Reinvestment Act is not one of the causes… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) today announced the committee will continue its work on financial reform that started in 2007, the first year of the Democratic majority, both in legislation and through committee oversight.  Hearings in March will focus on regulatory restructuring and the role of law enforcement in the current financial crisis and… Read more »

House Financial Services Committee Chairman Barney Frank, along with 17 Democrats on the committee, sent a letter today to Frederick H. Waddell, the President and CEO of Northern Trust, in response to published media reports that, the company hosted a PGA golf tournament and several related parties.  Democratic members of the committee “…insist that you immediately… Read more »

Rep. Barney Frank (D-MA), Chair of the House Financial Services Committee and Rep. Sander Levin (D-MI), Chair of the Trade Subcommittee of the House Ways and Means Committee, released the following letter sent to President Barack Obama requesting that he urge  Prime Minister Taro Aso to resist recent calls to devalue the yen as a means to stimulate Japanese exports at the expense of… Read more »

The House Judiciary Committee and the House Financial Services Committee today released details of the combined housing bill the House may consider this week.  The measure will combine the Judiciary Committee provisions to allow bankruptcy judges to modify mortgages on primary residences, and the Financial Services Committee legislation which provides a servicer safe harbor, Hope for… Read more »

House Financial Services Committee Chairman Barney Frank today made the following statement after President Barack Obama announced the Homeowner Affordability and Stability Plan:  “President Barack Obama recently signed an important economic recovery bill to create jobs and help the country recover from the worst recession in recent history.  I am very pleased that today… Read more »

House Financial Services Chairman Barney Frank (D-MA) today received a letter from JP Morgan Chase CEO Jamie Dimon announcing a three-week foreclosure moratorium.  Earlier this week, Frank called on all holders and servicers of mortgages to initiate such a moratorium until President Obama announces the administration’s plan to reduce foreclosures.  Mr. Dimon’s letter… Read more »

House Financial Services Committee Chairman Barney Frank made the following statement in reaction to the remarks by Treasury Secretary Timothy Geithner introducing the Financial Stability Plan: “Treasury Secretary Geithner made a number of improvements to the overall TARP program that will increase accountability and transparency of this taxpayer-funded rescue of America’s… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement on today’s job numbers:             “Today’s unemployment numbers are even worse than we thought.  This collapsing job picture means real harm to American families and underlines the need for immediate action to… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) sent a letter today to the TARP Special Inspector General praising him for his work in providing greater transparency for the TARP Program.  Frank’s letter, the text of which is below, is in response to a letter from Inspector General Barofsky, where the IG stated, “Specifically, we [Treasury Special… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA), today announced the committee's six subcommittee chairs.  These recommendations will next be forwarded to the Democratic Caucus for final approval.  The Democratic subcommittee assignments are as follows: SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES KANJORSKI, Paul,… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) today released the following statement in light of reports that President-elect Obama will ask President Bush to request the second $350 billion of TARP funds:             “I agree that the money should be made available under the appropriate conditions.  We… Read more »

  House Financial Services Committee Chairman Barney Frank (D-MA) today introduced H.R. 384, the TARP Reform and Accountability Act to amend the Troubled Assets Relief Program (TARP) provisions of the Emergency Economic Stabilization Act of 2008 (EESA). The legislation will strengthen accountability,… Read more »

House Financial Services Committee Chairman Barney Frank (D-MA) released the following statement regarding today’s job:             “Today’s disastrous job numbers confirm the complete inadequacy of the conservative approach to maintaining prosperity in this country.  What we are seeing is an increasing downward… Read more »