The Public Record
Barney Frank is a former U.S. Representative from Massachusetts, serving from 1981 to 2013. A member of the Democratic Party, he was known for his progressive stance on various issues, including financial regulation and LGBT rights. Frank played a significant role in the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which aimed to prevent the kind of financial crisis that occurred in 2008. He was also one of the first openly gay members of Congress, advocating for LGBTQ+ rights throughout his career.
No, because we have things in place that will prevent that from happening. It is a reminder, however, that it was important that we adopt the rules we have adopted that mean 2008 can't happen again or very -- it's very unlikely to happen…
No, excuse me. That is what the amendment says. The amendment says you can't have what they call catch shares. If it passes, you will go back to the underlying Magnuson-Stevens Act, which did come out of committee. Do you know who amended…
The Republicans have been in power since January 2011 and have done zero on Fannie and Freddie.
The constitutionality of my provision is what it says in the Constitution, that important government officers should be appointed by the President, subject to confirmation by the Senate.
I understand that, but I assume that is what you wanted when you voted not to subject them to the appropriations process.
I think it is a terrible mistake to require all of the Federal Reserve Bank presidents to be appointed and confirmed by the Senate.
I think it will be less independent as a Fed, because as you know, the regional bank presidents have an independent staff...
I do not think that private citizens should pick other private citizens with no intervention from any electoral process.
I think that is just a mistake, and it is not that bankers are bad people or others.
I have a fundamental belief in the electorate ultimately making the decisions.
The biggest power the Federal Reserve had to intervene freely with Section 13.
I think that if you said that--now, there is an alternative in terms of the regional presidents, which would have them Senate-confirmed, I think that might be worse.
I wouldn't say 'sinister.' I don't think the people on the Federal Reserve regional boards... are people of good will, but it has an obvious bias.
I agree, but not by keeping interest rates in general down, but by explicitly refusing to follow the mandate this Congress gave the Federal Reserve in 1994 in the Home Ownership and Equity Protection Act.
But let me just say, I think that is especially the case with regard to military activity. In my 32 years here, when I have seen, I said, get involved in military activity without congressional authorization, it has been not been so much…
I think the role of the Federal Government, is the Federal Reserve has been working with the European Central Bank, has been helpful in avoiding the kind of serious downturns in Europe.
The Federal Reserve cannot do a great deal more. I think they have been very helpful.
The regional Federal bank presidents are picked by bankers. It is an extraordinary power that the FOMC has, and I think everyone agrees.
I think that has reflected well on what they have done and again, suggestions that there was something untoward going on haven't been proven true.
This legislation is now pending before the House Veterans Affairs Committee where we have been graciously asked to testify today.
We owe so much not only to our courageous Iraq and Afghanistan veterans but also to our Vietnam veterans and our aging Korean and World War II veterans.
Politicians like Barney Frank
