Barney Frank: Go ahead, look at the economic impact of my financial law

Nearly one year after the passage of the Dodd-Frank Act, legislation full of regulation meant to protect consumers, some are calling for a closer examination of the bill.

Democratic Rep. Barney Frank, a lead sponsor of the legislation, said Monday that he wouldn’t mind re-examining its cost.

“I think doing cost-benefit analysis is a good idea,” Frank said at the National Press Club, but he stipulated that other costs would need to be analyzed before sending his own bill through the ringer. “I’d like to see some cost benefit analysis of infrastructure in Afghanistan and some of the other things [Republicans] are for,” Frank said. “[And] as long as the cost, of course, includes the financial crisis.”

On Bloomberg Television Monday, Securities Industry and Financial Markets Association CEO Timothy Ryan expressed concern about the new law. “No one is doing the economic impact analysis for these rules, whether it’s in the U.S., whether it’s in Europe,” Ryan said. “They’re just not looking at the overall economic impact.”

Despite criticism from Ryan and others that little has been done to measure the impact of the bill, Frank touted the benefits of the act, saying that it has provided inspiration to others around the world. (Barney Frank and Ron Paul unite — over weed)

“The era of light touch regulation is over,” Frank said. “I think America is in the lead in pushing for an international set of standards which are better. Some of our friends in Europe understand that now.  The British are now talking about resolution regime that looks a lot like ours.”

  • Pingback: Washington in a Flash: Dodd-Frank Anniversary No Cause for CelebrationThe Foundry: Conservative Policy News Blog from The Heritage Foundation

  • PalinPatriot4ever

    We, all the Patriotic Constitutional Conservative Americans, tried to warn all of you moronic imbecile Independent swing voters, of and about Obama before the Nov. 2008 election.. but did you listen.. Noooooooooo.. You just voted for Obama, due to the Housing and Banking disaster in Oct 2008, which was created by the Democrats like, and specifically- Barney Franks and Chris Dodd, whom these 2 Congressionally pushed the Banks, and other Financial Lending and Investment Institutions, to lend money to unqualified borrowers, regardless of their inability to pay back their loans and or mortgages, especially from Fannie Mae and Freddie Mac, which created the Sub-Prime Mortgage and ARM Economic Housing bubble crisis.., and on top of that, Barney Franks lover, Mr. Frank Reins of 10 years, and was the CEO of Fannie Mae, and guess who made hundreds of Millions of Dollars.. You guessed it.. Mr Frank Reins, especially when he bailed on Fannie Mae, he got over a 100 Million Dollar golden parachute.. And all of the money Mr. Frank reins received, was Tax Payer money. Barney Franks was complicit in his motivations of personal conflict of interest, and guilty of wrong doing, or wrong non-doing, in his avid non-tightening and non-regulating of the Housing and Banking lending laws, as requested and warned of and by the current Banking and Housing Economists of the Congressional hearings.. And especially as the Chairman of the Banking Committee in Congress, he chose to chatise the expert economists instead of heeding their warning.. Barney Franks should have been prosecuted and jailed for criminal political financial negligence..

    And so now, because of the election of Obama, Barney Franks and Chris Dodd, have their own Stifling Anti-Business, Anti-Banking, Anti-Customer service, Legislation called the Frank-Dodd Financial Bill Act, that puts strict control on banks, and their operating systems, and services, that will only hurt the customer.. where the Free Market enterprise system dictated before hand.. as well as their hidden gender and racial quota’s, set into the Bill, or Law, that dictates to all Financial institutions, who and how many people can be hired, based on the sex or race.

    It’s amazing, every time Barney Franks and his partner in crime, Chris Dodd, impose their will on America, through Congress, someone, and or everyone, in America, gets hurt, and guess who has to pay for all, one way or another.. you guessed it, the American Tax Payer and Customer..

  • 8second.ride

    “The era of light touch regulation is over,” Frank said.”

    Thus ending the scam you and your boyfriend had going on!

    • BRWils

      And, don’t forget Frank Raines, the Obama insider that fleeced Fannie/Freddie for tens of millions of dollars as the exec, then got out right before the crash. He was given eight figure bonuses based on the number of people (undeserving) that were made eligible for loans under his direction. Another Obama crony that should be sharing a jail cell with him.

  • dennisl59

    Hey Frank!…We have a huge serving of PEAS for you, smuck.

  • tdogco

    Aren’t the people of MA sick and tired of this disgusting degenerate ?

  • citizen

    With all due respect, Congressman, most of us are unable to get over the financial impact of your law breaking. Fannie may, but the rest of us can’t.

  • rainmaker1145

    Barney Frank will be remembered for destroying (unintentionally) the liberal ruling-class’ government largesse.

    Thanks B.

    Conservatives couldn’t have done it without you.