Barney Frank: House GOP bills would undo key parts of Dodd-Frank
By Lauren McNitt
ProWEB Wire (Industry News)
Republicans are trying to undo key portions of the Dodd-Frank financial reform law, according to Rep. Barney Frank, D-Mass.
Frank issued a statement on Monday that said House Republicans are pushing to advance measures that would lessen the regulation under Dodd-Frank of derivatives. “Unregulated, irresponsible” derivatives were a major cause of the 2008 financial crisis, Frank said.
Dodd-Frank is meant to increase regulation of these products, but Frank said two measures in the House would undo this, putting the economy at risk. The bill “would return significant derivatives activities to the days when they were conducted in secret,” Frank said.