Barney Frank: “First of all, I agree. I thought he was talking about the Federal Government when he said ``we.'' And he is right…”

“First of all, I agree. I thought he was talking about the Federal Government when he said ``we.'' And he is right, States have some power; the Federal Government does not. But even there, I believe he overstates the States' powers. And in fact, particularly in the Graham-Leach-Bliley bill, we gave some insurance companies the power to leave States, which we shouldn't have done. But States can be required, if they are going to do something, to do other things. But they can leave altogether, and the State insurance commissioners generally don't have the power to do that.”