Barney Frank resigning
US Representative Barney Frank will announce that he will not seek reelection next year. School of Law professor Cornelius Hurley, director of the BU Center for Finance, Law & Policy and former counsel to the Fed Board of Governors, offers the following comment:
“You won’t hear this from Frank today, or perhaps ever, but I believe his biggest regret after 32 years in Congress is his credulous acceptance of the Summers-Geithner recipe for financial reform.
“Rather than following his own instincts, he and Congress passed up the unique opportunity to achieve structural reform of the financial system.
“The law that now bears his name, instead opts for regulatory confusion and complexity. As a result, the system is doomed to repeat the failure it experienced in 2008-2009 and that lingers today.”