Barney Frank: “I agree that this is a bill that is a good set of steps forward, it is more than a first step, but it is not everything…”

“I agree that this is a bill that is a good set of steps forward, it is more than a first step, but it is not everything that we should be doing. It is useful to do it now. I have spoken with the Attorney General of New York, Mr. Spitzer, the Secretary of the Commonwealth of Massachusetts, Mr. Galvin. They have further ideas about how we can improve the protection of the investing public. It is important that we legislate. It is also important that we fully empower those who are charged with investigation and enforcement. We are the legislative branch. We set the policy. But we are not able to carry it out. What is important is that those entities that are empowered to carry it out be allowed to do that.”