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.”

Text and audio of the exchange below:

Frank: Mr. Wallison, please, I’m asking you specific questions. I appreciate your answers…We then passed a bill in 2007 that was then modified and adopted in 2008. What is your evaluation of [that?]

Wallison: I thought that was an excellent bill. In fact, when I was asked by the media about your activities in that connection, Mr. Frank, I supported them wholly. I said that you made a wonderful compromise with secretary Paulson and we, as a result of that, got a bill that we needed very badly.

Frank: I thank you, Mr. Wallison I appreciate that. I’ve been told there are 4 minutes left on the vote and that [ain’t?] a bad note to end on.

Audio

###