Rep. Frank Lists Goals for Financial Services Committee
FRANK REACTION
The New Bedford Standard-Times
Courtney Hime
Boston University Washington News Service
November 5, 2008
WASHINGTON – Rep. Barney Frank said the 19 seats the Democrats picked up in the House will make it easier in the next session of Congress for the Financial Services Committee, which he chairs, to accomplish four goals.
First, he said the committee wants to make sure that the Affordable Housing Trust Fund for building rental properties is well-funded.
Secondly, he said, the committee wants to pass laws to ensure that existing affordable housing built with private-public partnerships is preserved as affordable housing.
Rep. Frank said a third goal for the committee was to ban “irresponsible” subprime lending. He said the committee attempted this, the House agreed but the Senate did not approve the legislation.
“We tried to do that, the Senate didn’t go along,” he said. “It’s the biggest mistake that the Republicans made when they were in power that we tried to fix – banning irresponsible subprime lending.”
Finally, Rep. Frank, said the most comprehensive goal of the committee was to adopt a set of regulatory laws “to prevent the kind of abuses in the financial system … that were so much a part of the current problem”
Rep. Frank said the Democratic Senate gains, as well as Sen. Barack Obama’s win, would help the committee next year.
“I am optimistic that with this House and Senate majorities both being increased, and a president, that we’ll be able to do much of the [committee’s] agenda,” he said.
Of Sen. Obama’s decisive victory, Rep. Frank said he was excited “because it means we are off the defensive and can now do some useful things.”
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