Barney Frank might be retiring as one of Massachusetts Congressman, but that does not mean that his mouth is retiring with him. It seems that Barney Frank is upset that changes are being made to the bill that both he and Chris Dodd co-sponsored, known as Dodd-Frank Act.
Frank is particularly upset with Congressman Garrett’s proposed changes to his bill that passed the House Financial Services Committee. Congressman Garrett’s made two major changes to the Dodd-Frank Act. The first I wrote about in a blog last week, Fannie Mae And Freddie Mac May Be On Their Way Out.
The second goes to a part of Frank’s bill that is dear to his heart, the “Risk-Retention Rule” that he and Dodd included in the bill. “Congressman Garrett’s bill would repeal the provisions of the law which force financial institutions to retain some of the risk in these securities,”
Frank is not happy that part of his beloved bill might be removed, and to show his displeasure, in typical Barney Frank style he stated that “For most Americans, the most threatening disease at this time of year is the flu ….. But for my Republican colleagues the gravest danger is apparently amnesia.”
Leave it to Barney to provide a colorful exit.
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