As Chairman of the House Financial Services Committee, I have been working closely with the Obama administration and my colleagues in the Senate to adopt rules to make it very unlikely that we will see a recurrence of the financial crisis that caused the current deep recession. I believe it is very clear that the absence of regulation of subprime mortgages, and their securitization and consequent transmission through very sophisticated financial devices, are the key factors that lie at the root of our current problems. Click Here for More.

“I am amazed that people can lament spending and forget the elephant in the room. And when the elephant forgets the elephant in the room, I suppose it's even more surprising, because it is massive military spending now and for the future that is the problem.” [April 2, 2009 House of Representatives Speech by Congressman Frank on Military Budget] Click Here for More.

“We had bullets and guns…The bullets which helped destroy the financial system were primarily the irresponsible subprime mortgages… And the guns were the instruments by which these irresponsible loans were distributed throughout the financial system.” Click here to read excerpt from Congressman Frank’s 3-5-09 press conference on the Financial Services Committee agenda

“The math is compelling: if we do not make reductions approximating 25 percent of the military budget starting fairly soon, it will be impossible to continue to fund an adequate level of domestic activity even with a repeal of Bush's tax cuts for the very wealthy.” Click here to read excerpt from Congressman Frank’s 3-2-09 column in The Nation about the need to cut the military budget

“So, yes, I regret the fact that in 2005 there was an intra-Republican split..and we got no [Fannie Mae/Freddie Mac reform] bill. We got it through the House in 2007. It was then delayed in the Senate, unfortunately. In 2008, I asked the Secretary of the Treasury to put it into the stimulus, the tough regulation of Fannie Mae and Freddie Mac. He couldn't do that at the time. We got it, but we got it too late. But we got it too late because 12 years of Republican rule went by and no bill became law.” [Click here for Congressman Frank’s House floor remarks during debate on foreclosure mitigation legislation, 2-26-09

“[The bank CEOs] basically today acknowledged they get bonuses for nothing. That is, they get bonuses, but I asked them, ‘What would you do differently if you don`t get a bonus?’ They said, ‘Nothing.’ So, I said, ‘Fine. I`m your efficiency consultant. Don`t pay the bonuses.’” Click here for excerpt from 2-11-09 Rachel Maddow Show, following Financial Services Committee at which top bank CEOs testified

“I think we've suffered from an extremism in this country in the past of relying only on private-sector activity and having too little government. It's possible to have too much government, no question. But it's possible to have too little.” Click here for Congressman Frank’s comments in support of economic stimulus legislation suring his appearance on ABC’s “This Week with George Stephanopoulos,” 2-1-09

“When [the Republicans] had a President they were supposed to support, they had to do things that made them uncomfortable. Not all of them, but their leadership and many of them voted for the TARP. They couldn't wait for George Bush to leave town so they can throw off the shackles of responsible public policy. Now they can simply revel in their negativism. They can vote to kill the program today and tomorrow to show George Bush how much they don't like him. Click here to read Congressman Frank’s House floor speech on the TARP Reform and Accountability Act, 1-21-09

Frank Played Lead Role on 4 Key Issues in 2007 – 2008 Under His Chairmanship Congress Took Major Steps Forward To:

Curb Abusive Subprime Loans

Restriction Excessive CEO Compensation

Reform Fannie Mae and Freddie Mac

Expand Credit Card Consumer Protections

No Significant Accomplishments on These Issues During GOP Control (1995 - 2006)

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Democrats Gain Majority After 2006 Elections and Congressman Barney Frank Becomes Financial Services Committee Chairman in January 2007

Legislation Reforming Fannie and Freddie Enacted Into Law in 2008
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By David Goldstein and Kevin Hall, McClatchy Newspapers, October 12, 2008
"As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

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“I am in favor of trying to help lower income people get the advantages of homeownership…But almost by definition, the large majority of poor people are going to need rental housing. And we will never alleviate the terrible housing crisis that affects so many people in this country if we do not do a much better job of building decent, affordable rental housing.” (Statement of Rep. Frank, Financial Services Committee hearing on proposed 2003 budget; February 18, 2002)
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No Accomplishments on Curbing Abusive Subprime Loans During Republican Control of House and Financial Services Committee (1995 – 2006)

Democrats Gain Majority After 2006 Elections and Congressman Barney Frank Becomes Financial Services Committee Chairman in January 2007

Prompted by Committee Action and House Passage of Subprime Reform Bill, Federal Reserve Issues New Subprime Regulations
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No Accomplishments on Restricting Excessive CEO Compensation
During Republican Control of House and Financial Services Committee (1995 – 2006)

Democrats Gain Majority After 2006 Elections and Congressman Barney Frank Becomes Financial Services Committee Chairman in January 2007

New Restrictions on Excessive CEO Compensation Enacted
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No Accomplishments on Enhancing Consumer Credit Card Protections During Republican Control of House and Financial Services Committee (1995 – 2006)

Democrats Gain Majority After 2006 Elections and Congressman Barney Frank Becomes Financial Services Committee Chairman in January 2007

Prompted in Part by Committee Action, Federal Reserve Now Drafting Regulations
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