Barney Frank: “I spoke to the people at the subcommittee who worked at them and I think the cuts are too deep.”

It was because they were banking crypto, not because they were insolvent.

For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…

Barney Frank said that he believed that it was a war on crypto that motivated this--not a systemic risk of crypto.

Congress generally, and this subcommittee in particular has historically played a critical role in strengthening accountability at the World Bank.