House Financial Services Committee Chairman Barney Frank made the following statement today after Minnesota Rep. Michele Bachmann issued a news release touting an amendment she offered to the Mortgage Reform and Anti-Predatory Lending Act of 2009.
“I made a mistake yesterday in not objecting to the Bachmann amendment. I did not read it carefully, and it was in the last minute that… Read more »
The House Financial Services Committee today approved H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009, aimed at curbing abusive and predatory lending – a major factor in the nation’s highest home foreclosure rate in 25 years. The bill would outlaw many of the egregious industry practices that marked the subprime lending boom, and it would prevent… Read more »
The House Financial Services Committee today passed H.R. 1327, the Iran Sanctions Enabling Act of 2009, which would empower Americans to apply economic pressure on the Iranian regime.
The legislation enables state and local governments to divest their public pension funds from companies investing more than $20 million in Iran’s energy sector. It also removes legal barriers to… Read more »
House Financial Services Committee Chairman Barney Frank today announced that the committee will continue the markup of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act, on Wednesday, April 29, at 10:00 a.m.
Chairman Frank Also announced votes in the committee will begin at 2:15 p.m. If votes on the floor occur at this time, then the votes in the committee will commence… Read more »
In an important shift in the World Bank’s approach to development, today the Bank announced the suspension of the controversial “Employing Worker” Indicator (EWI) and a commitment to reexamine and revise both the EWI and the “Paying Taxes” Indicator in its annual country-ranking exercise called Doing Business.
The World Bank’s… Read more »
Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, today announced that the committee will meet on Tuesday, April 28, to consider the following measures:
H.R. 1327, Iran Sanctions Enabling Act;
H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act.
WHO: … Read more »
The House Financial Services Committee today approved legislation that would provide credit card customers crucial protections against unfair, deceptive, and anti-competitive credit card practices, which include double-cycle billing, due-date gimmicks, and retroactive interest rate hikes. The bill would also increase the advance notice of impending rate hikes and give consumers the… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement in response to the negative outlook assigned by Moody’s Investors Service to the creditworthiness of America’s local governments:
“I am troubled by the action of Moody’s Investors Service to issue a negative outlook across the board on America’s… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement in response to Labor Department statistics released today showing that the U.S. economy lost 663,000 jobs in March and the unemployment rate rose to 8.5 percent, the highest in 26 years:
“Today’s employment report underscores the importance of continuing the President’s… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) today issued the following statement on the Financial Accounting Standards Board’s ruling on mark-to-market accounting:
“I applaud the very important actions taken by FASB today, which has made significant progress toward addressing inaccurate asset valuations in the markets. The FASB believes the rule can be… Read more »
Reps. Carolyn B. Maloney (D-NY) and Rep. Luis Gutierrez (D - IL) hailed today’s passage of the “Credit Cardholders’ Bill of Rights,” H.R. 627, by the Subcommittee on Financial Institutions and Consumer Credit of the House Financial Services… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) today announced that he will address the House of Representatives tonight during Special Orders to dispute Republican claims that Democrats are to blame for the economic crisis.
Congressman Frank will talk about… Read more »
The U.S. House of Representatives today approved legislation that would tie pay to performance at companies that have received direct capital investments under the Troubled Asset Relief Program. The Grayson-Himes Pay for Performance Act would prohibit certain compensation at these institutions to better align the public’s interest with the health of the financial… Read more »
House Financial Services Committee Chairman Barney Frank (D-MA) today wrote to Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke asking them to look into claims made by Rep. Spencer Bachus (R-AL) regarding AIG’s payments to its counterparties.
Chairman Frank wrote in his letter: “I do not know what basis there is for the point he [Rep. Bachus]… Read more »
Dear Colleague sent by Chairman Frank:
March 31, 2009
"The Days of Light-Touch Regulation are Over"
Dear Colleague:
At the markup of the legislation we are considering on the floor tomorrow, regarding the subject of restraints on compensation from recipients of a capital infusion under the TARP program, some arguments against it were that it would put… Read more »
On Thursday, U.S. Representative Luis V. Gutierrez (D-IL), Chairman of the Subcommittee on Financial Institutions, will hold a hearing to discuss much-debated legislation that would restrict unscrupulous payday lending practices.
The Payday Loan Reform Act (H.R. 1214) outlines solid consumer protections for 23 states that have weak or even nonexistent consumer protections from abusive… Read more »
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.
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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 »
