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News Now

Washington
Franks work continues on financial reform
WASHINGTON (3/6/09)--House Financial Services Committee Chairman Barney Frank (D-Mass.) announced Thursday that he will continue to work on financial reform and regulatory restructuring, and move legislation to the House floor that would curtail abusive mortgage lending practices, and reform credit card and overdraft practices. Frank’s committee also will meet to examine creating a systemic risk regulator, enhancing the effectiveness and scope of prudential standards, streamlining front-line regulation, and strengthening consumer and investor protection. A March 20 hearing has been scheduled to examine if federal and state law enforcement agencies have all they need to pursue financial institutions and individuals that commit fraud, abuse their positions and violate the law. “While we will continue to work with the Obama Administration on stabilization, it is now essential that we continue work on our reform agenda and address the need for financial regulatory restructuring to diminish systemic risk and enhance market integrity,” Frank said in a release. The mortgage legislation would reform the mortgage origination process and ban predatory lending, similar to a 2007 effort that passed the House, but later failed in the Senate. Rep. Carolyn Maloney (D-N.Y.) has re-introduced legislation to abolish unfair and deceptive credit card industry practices by protecting cardholders from interest rate increases, misleading terms, excessive fees, and subprime cards for those who cannot afford them. Maloney re-introduced the legislation with Sens. Charles Schumer (D-N.Y.) and Mark Udall (D-Colo.)


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