Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Frank is confident of reg reform in 2009
WASHINGTON (7/28/09)—Rep. Barney Frank (D-Mass.) reiterated Monday
House Financial Services Committee Chairman Barney Frank (D-Mass), shown here addressing CUNA's 2009 Governmental Affairs Conference, says the goal of financial regulatory reform is to support innovation but curb abuses. (CUNA photo)
that he is confident the House will approve a financial regulatory reform bill and pass it on for Senate consideration by October, and President Obama will sign it by yearend. He said the goal of the reform package is to provide an environment in which financial innovations flourish, while eliminating excessive risk and consumer abuses. Frank was addressing a luncheon gathering at the National Press Club here. The Credit Union National Association was in attendance. He denied there is any validity to the arguments of those who question his projected time frame that other huge issues facing the U.S. Congress—such as health care reform, carbon emissions legislation and more—make it unlikely, if not impossible, to successfully tackle financial regulatory reform in 2009. “These are not in conflict,” Frank said both in his prepared remarks and in response to a later question. He is chairman of the House Financial Services Committee. Frank added that “nothing is retarding our efforts” to address the financial industry and he called the effort by legislators “essential.” Frank opined that the nation is experiencing now a cycle that has repeated in the country’s history where innovation outstripped regulatory structure and adjustment became necessary to restore a balance. “Rules provide a framework so this wonderful capitalist system can move forward,” Frank said. He said the goal of the congress’ current effort is to allow innovation yet curb abuses. Among his goals, Frank said a new regulatory regime should:
* Re-introduce a structure in which regulators cannot deflect their responsibilities as overseers; * Place limits on securitizations by requiring some retention of risk; * Set leveraging maximum; * Contain derivatives; and * Protect consumers.


RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
8 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
12 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
13 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
14 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
14 hours ago