Barney Frank: Consumer Financial Protection Bureau won’t run amok (with unchecked powers)

Boston Herald ^ | 10/15/10 | Thomas Grillo

[Libloather]

Barney Frank: Protection bureau won’t run amok
By Thomas Grillo
Friday, October 15, 2010 - Updated 2 days ago

U.S. Rep. Barney Frank rejected suggestions that the director of the new Consumer Financial Protection Bureau will have unchecked powers.

“I can’t see many examples of there being an excess of consumer protection,” the Newton Democrat said yesterday following a speech to kick off Suffolk University’s Moakley Breakfast Series at the federal courthouse.

“There are very strict rules about what she can and can’t do,” he said, “but the notion that we will overprotect consumers is a strange one.”

Last month, President Obama appointed Wall Street critic and Harvard professor Elizabeth Warren to oversee the creation of a new agency to look out for consumers in their dealings with financial institutions.

Critics argue that the Dodd-Frank financial reforms appear to put the bureau’s director beyond the control of the president, the Federal Reserve and Congress. They cite the law, which says the director, while appointed for a five-year term by the president, with the advice and consent of the Senate, may be removed from office only for cause.

[Libloather]

Bawney's been wong before -

Barney Frank haunted by 2003 remarks on lenders ("I was wrong on both counts.")

[2ndDivisionVet]

Homo brothel in my basement? What homo brothel?

[skeeter]

Rep. Barney Frank (D-MA): "You can reach out to your fellow young people and make it clear to them, that when [sic] they may not be satisfied with everything we've done -- we're not satisfied with everything we've done. The way to cure that is to give us more authority and more ability."

[Calvin Locke]

Or “Marijuana plants on the porch? What marijuana plants?”

[E. Pluribus Unum]

The Anti-Frank

[Vaduz]

“There are very strict **rules** about what she can and can’t do.Guess who isn’t in the good old boy club.

[True Grit]

Anyone know how this POS is doing in the polls?

[Hoosier-Daddy]

This POS needs to be in prison for the Fannie debacle. Given his lifestyle, it’s no wonder everything he touches turns to sh*t.

[Kenny500c]

Why does “consumer protection” end up costing us consumers more money?

I am willing to protect myself and keep a little more of my earnings.

[reg45]

Consumer Financial Protection Bureau won’t run amok (with unchecked powers)

Sure! And I'm the Easter Bunny.

[Texas resident]

Yeah, very strict rules about what she can and can’t do.

Since when did the dims follow the “rules” or even the laws?