Frankly, if they had done that earlier, they would have saved themselves I don't know how many--in the tens of billions of dollars for noncompliance.
Editor's note · Context
Frank comments on JPMorgan Chase's compliance issues and financial losses.
Share & report
More from Barney Frank
Critically I made sure that the United States reserve the right to maintain and enforce existing sanctions and even to deploy new sanctions to address those continuing concerns which we fully intend to do when circumstances warrant.
I am again very surprised to hear my Republican friends now say our problem is that we have toughened up the standards for banks loaning to people.
I do think there is a tendency for an overreach by the FSOC. I do not think straightforward insurance companies or money managers should be covered and regulated as SIFIs.
The problem was not so much that we deregulated as a society, but that we did not have new regulations to keep up with new activity.





