Frank Suggests He ‘Might’ Kill Financial Overhaul if It’s Too Watered Down
House Financial Services Committee Chairman Barney Frank (D., Mass.) suggested on Friday he might kill the financial regulatory overhaul moving through Congress if efforts to make new consumer financial protection powers aren?t tough sufficient on Bloomberg Television?s ?Biased Capital With Al Hunt.?
Mr. Hunt questioned Mr. Frank if he might ?kill the whole business and start over again? if the ?consumer agency doesn?t end up the way you want.?
?Oh, I might,? Mr. Frank responded. ?It depends.?
Mr. Frank passed a bill through the House of government in December that would make a new Consumer Financial Protection Agency to write and enforce new financial product rules. Senate lawmakers are looking to make a new consumer protection ?watchdog,? likely within an unfilled agency. Mr. Frank has said he wouldn?t support the creation of such a watchdog within the Federal Reserve, which is what some Senators are leaning towards doing.