Barney Frank: “I think this is a bad idea, and I am somewhat confused. By the way, we will be debating tomorrow a bill which restricts…”

“I think this is a bad idea, and I am somewhat confused. By the way, we will be debating tomorrow a bill which restricts rulemaking, and it exempts the Federal Reserve, as I read it. So we're kind of on again/off again about the Federal Reserve. It seems to me what we're talking about is taking some fake punches at the Federal Reserve but not doing anything serious. My Republican colleagues brought up a reconciliation bill that was going to subject the Consumer Bureau to appropriations. {time} 1520 So I offered an amendment to subject the Federal Reserve to appropriations. That was voted down. So we're not going to restrict their rulemaking. We're not going to subject them to appropriations, even though that's being done elsewhere. We're going to audit them, which is a way to look tough without really being tough.”