Barney Frank to GOP: Man Up on Financial Reform

Flickr/<a href="http://www.flickr.com/photos/worldeconomicforum/4317682779/">World Economic Forum</a>

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Rep. Barney Frank (D-Mass.), chair of the powerful House financial services committee, has issued a challenge to Senate Republicans: If GOPers want to kneecap an independent consumer protection agency, they should do it in public, not behind closed doors. “Procedurally, the Senate Republicans are killing this or watering it down,” Frank told Mother Jones. “Senate Republicans should stand up publicly and oppose it. At the very least, they have to do that. And there’s going to be public reaction against that.”

Over the weekend, Sen. Chris Dodd (D-Conn.), the banking committee’s chairman and leader on financial reform, circulated a plan to create a watered-down consumer-protection agency within the Treasury Department. Frank, who helped pass a financial-reform bil last year that included an independent Consumer Financial Protection Agency, called Dodd’s proposal “weaker than I was hoping.” Frank added that the draft’s stipulation that certain rule-writing by the proposed consumer agency would require approval from a separate risk-management council “is a terrible idea.” He also lamented that the consumer agency wouldn’t have full authority over payday lenders and debt collection and settlement companies.

If a watered-down version of a consumer-protection agency does emerge in the Senate’s final financial-reform bill, Frank said he will fight to make sure a consumer agency with independence and increased authority for consumer protection makes it onto the president’s desk. “I’m gonna do everything I can” to make sure the House’s Consumer Financial Protection Agency survives, Frank vowed. “I want [Republicans] to take a public vote at the very least.”

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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