Former Congressman Talks Economy, Political Career
By Liam Farrell
Former U.S. Rep. Barney Frank took part in a Q&A yesterday at the David C. Driskell Center with Thomas Edsall, an opinion columnist for The New York Times.
Though the national economy is beginning to slow, former U.S. Rep. Barney Frank, a lead author of the federal response to the Great Recession, told a University of Maryland audience yesterday that he doesn’t foresee a similar catastrophe in the near future.
Frank, known for the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act, explained that financial institutions are still carrying less risk and keeping larger reserves than before the Wall Street meltdown in 2008.
“I see very little chance of a financial crisis,” he said. “(But) at some point, the innovation outruns the regulation.”
A Massachusetts congressman from 1981 to 2013 who chaired the House Financial Services Committee from 2007–11, Frank took part in a Q&A at the David C. Driskell Center with Thomas Edsall, an opinion columnist for The New York Times. The occasion was the 2019 Fishlinger Family Lecture, hosted by the College of Behavioral and Social Sciences, the Center for the Study of Business Ethics, Regulation and Crime (C-BERC) and the Robert H. Smith School of Business.
Frank said the bulk of the financial reform bill has “held up pretty well,” outside of how he believes the Trump administration has curtailed the effectiveness of the Consumer Financial Protection Bureau.
“With the exception of CFPB,” he said, “they have not done serious damage.”
Other issues in the conversation included:
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