Barney Frank: “I thank the gentleman. This is an effort to do re-deregulation by stealth. If they don't want to regulate derivatives…”

“I thank the gentleman. This is an effort to do re-deregulation by stealth. If they don't want to regulate derivatives, if they think speculation's a good thing, then let's bring up a bill. After all, this isn't the agriculture bill. You don't have to be afraid of splitting your membership by trying to do it. This ought to be straightforward. Instead, they want to do it by stealth. They want to end our effort to bring regulation to the financial industry. And, yes, I would say to the gentleman from Oklahoma, when it comes to the people who have been running the large financial institutions, we do need more regulation, not less; and I believe the American people understand that and do not want to see the people who brought this terrible recession of 2008 from that financial irresponsibility set free of any restraint.”