Rep. Barney Frank Sees FinReg Provision Hearing as the Proper Step
Tweet
Share
E-mail
In an interview with FOX Business Network’s Rich Edson, Massachusetts Democratic Representative Barney Frank spoke about the upcoming hearing to deal with the provision in the financial reform bill that will allow the SEC to withhold information from the public.
Frank adamantly said that the hearing was not a move that should be taken as controversial, and that the provision was not put into the bill by one party to get the upper hand on any other. I was put into the bill and supported by both Democrats and Republicans.
“No one is defending it because people said maybe we made a mistake,” Frank said. “And if the regulators overreached let’s have a hearing and fix it. People are prepared to admit they may have made a mistake.”
Frank does not see this hearing as an acknowledgement that there is something seriously wrong with the bill and that when you have a bill this big things like this happen.
“Hearings are not earth shaking events. This happens from time to time. It had been out there for a while and then somebody made an interesting point that the language appeared to be, when you looked at it carefully, broader than it was intended to be. So the thing to do is give people the chance to make that point and fix it. I think it is important that we have full public airing. The best thing to do is let the process work.”
Frank sees this as a case where the SEC may have overreached and the hearing is a way for those who believe this to be true to step up and say why.
“If that turns out to be the case, we will fix it. The thing to do is to listen. We will have the Chairman (Mary) Shapiro of the SEC and people who have been critical of it and we will listen.”
Frank adamantly said that the hearing was not a move that should be taken as controversial, and that the provision was not put into the bill by one party to get the upper hand on any other. I was put into the bill and supported by both Democrats and Republicans.
“No one is defending it because people said maybe we made a mistake,” Frank said. “And if the regulators overreached let’s have a hearing and fix it. People are prepared to admit they may have made a mistake.”
Frank does not see this hearing as an acknowledgement that there is something seriously wrong with the bill and that when you have a bill this big things like this happen.
“Hearings are not earth shaking events. This happens from time to time. It had been out there for a while and then somebody made an interesting point that the language appeared to be, when you looked at it carefully, broader than it was intended to be. So the thing to do is give people the chance to make that point and fix it. I think it is important that we have full public airing. The best thing to do is let the process work.”
Frank sees this as a case where the SEC may have overreached and the hearing is a way for those who believe this to be true to step up and say why.
“If that turns out to be the case, we will fix it. The thing to do is to listen. We will have the Chairman (Mary) Shapiro of the SEC and people who have been critical of it and we will listen.”
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gold Resource set to lose Russell 2000 index eligibility after merger
- Kalaris reports positive TH103 Phase 1a data in neovascular AMD
- Vireo Growth completes $20M Pennsylvania dispensary license deal
Create E-mail Alert Related Categories
Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
