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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FOUR members of the state's all-Democratic delegation to the US House of Representatives have opponents on the November ballot. All four
incumbents have compiled worthy records...
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"If I had the power to block things when I was in the minority, I wouldn't have started with Fannie Mae and Freddie Mac. I would have blocked the Iraq war, the Patriot Act, hundreds of billions of dollars in tax cuts to rich people, bills to weaken the Environmental Protection Agency and a very flawed prescription drug program." (As Reported in the Newton TAB, October 8, 2008 "Frank Explains Bailout, Defends Role in Crisis" by Chrissie Long)
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What I have tried to do every time we've had a major bill, I'll be honest, is to use the leverage I get as chairman because there are things that everybody needs to put in for the poor people, to put in something for the people who don't otherwise get a fair shake.
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During twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill.

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"Obviously, [responding to the mortgage crisis] requires a joint effort. To some extent, this is a test of our ability as a self-governing people to govern. Because if everybody helf off and said I am only going to support a bill with which I am in complete agreement, we would not be able effectively to respond to this crisis."[HOUSING AND ECONOMIC RECOVERY ACT OF 2008 -- (House of Representatives - July 23, 2008)]
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"Why do I want to protect their right to screw my state?" (This Political Maneuvering Welcome, by Mike Moran, Fall River Herald-News, June 19, 2008.)
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"Since becoming Financial Services' chairman last year, Frank has surprised many with his appetite for bipartisan compromise." (Frank, Known As Irascible and Liberal, Reaches Our to Republicans on Housing Rescue (excerpts), by Julie Hirschfeld Davis, AP, May 7, 2008)
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Asking the White House to support more government intervention was "like asking me to judge the Miss America contest — if your heart's
not in it, you don't do a very good job." (May 13, 2008; New York Times)
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