On the Rachel Maddow Show...
MADDOW: Congressman, one question for you about the Dodd-Frank Act. The Wall Street reform act that bears your name, signed into law a year ago. The Consumer Financial Protection Bureau created as part of that act, is in business starting today. It‘s still being fought and trying to be undermined by Republicans. At this point, do you feel like its future is still uncertain, or do you feel like it is here for good?
FRANK: It‘s here until and unless the Republicans win everything in 2012. Look, here‘s what they have done, Rachel, briefly, in the last few months. First, they tried to—they are trying to postpone any new regulations of derivatives and they specifically want to stop us from dealing with speculation that‘s driving up energy prices. Secondly, they don‘t want to provide the money that the Security and Exchange Commission and the Commodities Futures Trading Commission need to regulate all of these things.
...
...
You know, I have been in this business a while. I have never seen a tax cut put out a fire. I have never seen a tax cut fix a highway, or do medical research that we need. Here is the danger the right-wing faces with the consumer bureau that Elizabeth Warren did such a good job with, although she was inappropriately not rewarded by the president. It‘s going to be a case—here‘s the deal: their argument is the big bad government is a threat to us. The Consumer Protection Bureau as most Americans understand is the government protecting them from abuse by private financial institutions.
And they are terrified that the public will see that there is value to a public institution that can prevent them from being abused by private institutions because it undercuts the whole rationale that the government is always bad, always a problem. And that‘s why we are fighting so hard for it.
Link:
http://www.msnbc.msn.com/id/43857000/ns/msnbc_tv-rachel_maddow_show/Damn... I thought Barney knew she didn't want the job. Why would he say such a thing?
:evilgrin:
:hi: