Barney Frank

I recognize they believe that we brought some stability--I don't think every piece of it, but that we brought some stability.

Dodd-Frank was sold under the premise that if community banks played ball and had a seat at the table...

The question I had to ask you is this: Why do they not want to be designated?

I have to say Chris Dodd is not the whole Senate, so there were things that I don't like that he didn't like.

The problem is this--and one of the best things that happened, from my standpoint, for regulation going forward was Senator Reid's getting the Senate to say we are not going to allow judges to be filibustered.

If I had one magic wand I could wave, I would have merged the SEC and the CFTC.

If you have the courage of your convictions, let's bring it on.

I would think people worried about accountability would think it was a greater problem that the Federal Reserve wasn't subject to the appropriations process.

I originally wanted it to be a single director. The intraparty votes in the House... wanted it to be a commission, so we compromised.

I don't think that adds to systemic risk. There is a loss of social function of economic activity.

I don't think that--if that is your major--if that is all you do is asset management or sell life insurance, I don't think you should be a SIFI.

No, absolutely not. I agree with them that it would be a mistake.

My biggest problem with the regulators, frankly, is they are equating the two kinds of mortgages.

With regard to asset managers, to clarify, I don't think as a general rule they should be. AIG could have, should have been.

I do think that the complexity issue of the Volcker Rule and the push-outs help.

I do think there is room for subtlety in that, but I don't think Glass-Steagall does it.

No. I voted against the repeal of Glass-Steagall at the time because I thought it did not help benefit the new regulation.

The incentive became to make a quantity of loans and not quality.

We also increased the deposit limit to $250,000, which the community banks wanted.

The problem was on the borrower and not the lender.

I think Main Street is not, and, as you know as Chair of the Small Business Committee while we were writing the bill and as a member of this committee, you added very significant input, and I think we tried very hard to deal with that.

Mr. Frank. Mr. Garrett, if it was a serious question, you wouldn't ask it with no time left.

Mr. Frank. Not just SIFIs; any institution of $50 billion or more.

That makes no sense; for them not to be able to make that fact clear makes no sense to me.

I have been very skeptical of them doing that.