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- W47003013 abstract "Congressman Barney Frank looks tired. The House held a late vote the night before. It's the waning days of a busy first session of the 108th Congress he's rumpled a trifle grouchy the mileage is showing. Within the previous week a House-Senate conference brought forth a compromise package on the Fair Accurate Credit Transactions Act of 2003, at the cost of much wrangling many hours. Earlier, Check 21, the debate over government sponsored enterprises, mutual fund scandals have provided more than sufficient entertainment for even the most devoted committee member. Frank's been equal to it all he's no neophyte. Though new to the post of ranking member (the leader of the committee's minority party representatives), the Massachusetts Democrat's been in Congress for 22 years. Toward the close of an hour-long interview in which he's been answering many detailed questions, he's tossed a pair of ones. Frank, if he thinks a question is stupid, has been known to throw people out of his office some days, but he responds readily. all his years on the committee, he's asked, having known players whose names grace the landmark banking laws of the last 20 years, who does he feel most played the statesman? B. Gonzalez, he answers, saying that the Texas Democrat was underrated. Gonzalez served as both chairman ranking member during his long time on what was originally called the House Banking Committee. You know, the Federal Reserve of today is a very different institution, says Frank. He's the one who opened up the Fed's minutes. They didn't used to tell you what they did. But Henry successfully pressed for an openness at the Fed that I think has made a great, positive difference. The Federal Open Market Committee's action summaries are posted right on the internet now. Yet, when he was first pushing for this, the critics kept saying how negative this was going to be, says Frank. He pauses, notes that the sky didn't fall. People get away with making the most outrageous predictions, says Frank, because they know that nobody's ever going to go back check. Gone but not forgotten The second philosophical question that Frank answers concerns legislation he's been part of, prior to this session. What does he look back on with pride? What does he look back on with regret? Frank takes the second part first--he admits mistakes were made in the Garn-St Germain Act, which further opened up commercial banking opportunities to savings institutions. Yet he says that the factor that really triggered the resulting thrift crisis was tax committee legislation. In 1982, Congress gave real estate incredibly inflated tax advantages, says Frank, and then, in 1986, it yanked them back. If you were going to have a dictionary illustration of going from one extreme to another, that was it. Responding to the second part of the question, legislation he's proud of, Frank says he believes Congress did well with the FIRREA thrift bailout legislation (the Financial Institution Reform, Recovery, Enforcement Act of 1989), but even better with FDICIA--the FDIC Improvement Act of 1991. Frank recalls how a columnist accused Congress of using FDICIA as a smokescreen for an impending banking horror. Instead, what followed was a period in which there were no commercial bank failures, says Frank. None for years. So I think we did a good job on both of those. Even Gramm-Leach-Bliley--which he voted against, but for specific reasons--had a lot of good stuff in it. Not your standard-issue Democrat Some members of Congress, especially senators, have mastered the art of courtly nonspeak--they sound wonderful, but when you parse their sentences, they've said nothing. Others sound so much like policy wonks that they almost seem to forget that the issues they're debating affect human beings. …" @default.
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- W47003013 date "2004-01-01" @default.
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- W47003013 title "Frank beyond Frank: Unlike Many Politicians, House Financial Services' Ranking Member, Barney Frank, Says What He Means-Whether You like It or Not" @default.
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