Wednesday, July 13, 2011

Rep. Frank fires back at critics on bank rules

By Ronald D. Orol, MarketWatch

WASHINGTON (MarketWatch) — A top Democrat on Monday criticized Republicans and at times lawmakers in his own party for seeking to dismantle pieces of a sweeping U.S. law enacted to make reforms in the wake of the financial crisis.

Rep. Barney Frank, co-author of the Dodd-Frank Act, spoke to reporters at the National Press Club to discuss the law that will mark its one-year anniversary on July 21.

Frank expressed concerns about GOP efforts in the House to delay approval of rules for the $450 trillion derivatives industry and to block or delay nominations of key bank agency heads including for the Consumer Financial Protection Bureau, scheduled to take on oversight of key consumer mortgage-protection responsibilities July 21.

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