Barney Frank

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'Don't Ask, Don't Tell' Gone in 2010: Frank

Repeal will be part of next year's defense authorization bill

(Newser) - A provision repealing the military’s “Don’t Ask, Don’t Tell” policy will be included in the 2010 defense authorization bill, Rep. Barney Frank says. The authorization would see debate and a vote in spring and summer, and go into effect in October. “'Don’t ask, don’...

Credit Cards Rates Jump Ahead of New Regulations

Companies add fees and cut limits in blind cash grab

(Newser) - If your credit card bill just exploded, it wasn’t an accident. Card issuers have been jacking up rates to historic highs—in excess of 30%—cutting limits, and adding new fees in an effort to squeeze money out of customers before new federal regulations kick in Feb. 22. The...

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize...

Top Wall Street Execs Have Direct Line to Geithner

Treasury chief's calendars show frequent contact with big players

(Newser) - A look at Timothy Geithner's phone calendars show the Treasury secretary has maintained close ties with Wall Street executives he has known for years. Executives at Goldman Sachs, JPMorgan, and Citigroup can reach the nation's most powerful economic official at will. While there's nothing inherently wrong with keeping tabs on...

Blue Dogs Offer Own Spin on Finance Reform

Float alternative to Obama's financial protection agency

(Newser) - Blue Dogs are digging in against the idea of creating a “consumer financial protection agency,” a key provision in Barack Obama’s financial regulatory reform plan, Politico reports. Instead, they want existing regulators to collaborate by way of a “consumer financial protection council.” “We’re...

Frank Rewriting Wall Street Rules as Public Yawns

(Newser) - Barney Frank is working on the biggest legislation of his career, and no one seems to care. Frank, the chairman of the House Financial Services Committee, is preparing for markup sessions on a bill to revolutionize America’s financial regulatory structure. “It’s been eclipsed obviously in the public’...

Rush to Barney Frank: Oh Yeah? You Live on Uranus

Finds town hall protester 'fabulous and hilarious'

(Newser) - Rush Limbaugh is eating up the town hall protests. Covering the Barney Frank town hall last night, Rush said it was “fabulous and fantastic and hilarious” that a woman showed up with a poster of Obama as Adolf Hitler and asked why Frank supported a Nazi health care policy,...

Frank Rumbles With Town Hall Wacko

(Newser) - Town hall crazies, you have met your match. Rep. Barney Frank had no time for a woman who asked why he supported Barack Obama's "Nazi" policies, calling it "vile, contemptible nonsense" and asking, "On what planet do you spend most of your time?" When the questioner...

Trading Rules Help Wall Street Pick Fed's Pocket

Transparency concerns let banks pick Bernanke's pocket

(Newser) - Banks across Wall Street have made hefty profits trading with the Federal Reserve—often their only customer as the financial crisis ground trading to a halt—and government officials and finance execs are now asking whether Ben Bernanke is making tough enough deals. The central bank, unlike individual or corporate...

Obama's Financial Regulation Plan Nearly Ready

(Newser) - The Obama administration is finalizing a legislative proposal that would strengthen the reach of financial regulatory agencies, the New York Times reports. The plan wouldn’t likely consolidate the four major bank regulators, which could meet with fierce opposition in Congress. “I don’t mind overlap as much as...

Market-Regulation Bill No Longer on Fast Track: Frank

Obama wants bill passed fast, but Congress chooses to take its time

(Newser) - Once on the fast track to President Obama’s desk, a bill that would grant the government powers to place large companies into receivership has been pushed to the slow lane, Rep. Barney Frank tells the Wall Street Journal. The bill’s complexity, and a slow-moving Senate, led the Financial...

Frank Tops List of Influential Gays
 Frank Tops List of 
 Influential Gays 

Frank Tops List of Influential Gays

(Newser) - Out magazine has released its annual Power 50 list of movers and shakers in the LGBT community, and it’s chock full of drama. The Democratic ascendancy has catapulted Barney Frank—“the only left-handed, gay, Jewish congressman”—to the top spot, pushing Ellen DeGeneres back to No. 2....

Fannie, Freddie to Pay $210M in Bonuses

(Newser) - Fannie Mae and Freddie Mac expect to pay roughly $210 million in retention bonuses over the next 18 months, reports the Wall Street Journal. Some 7,600 employees are slated to get bonuses, in some cases totaling as much as $1.5 million, in a program that has drawn sharp...

Frank Calls Justice Scalia a 'Homophobe'

(Newser) - Massachusetts Rep. Barney Frank called Supreme Court Justice Antonin Scalia a "homophobe" in a recent interview with the gay news Web site The Democratic lawmaker, who is gay, was discussing gay marriage and his expectation that the high court would some day be called upon to decide...

Frank Targets Fannie, Freddie Execs' Bonuses

(Newser) - Executives at government-owned mortgage giants Fannie Mae and Freddie Mac are scheduled to receive six-figure retention bonuses, but Barney Frank wants the payments canceled, MarketWatch reports. “In this troubled economy, and in this job market, it is difficult to imagine that the companies would not be able to find...

Frank's House Panel to Grill Geithner Twice

Another Republican congressman calls for him to resign

(Newser) - As criticism of Treasury Secretary Timothy Geithner mounts, he is scheduled to take his place on the hot seat next week, the Wall Street Journal reports. Geithner will appear before Barney Frank's House panel—the same one grilling AIG chief Edward Lilly today—Tuesday and Thursday. Two Republican congressmen, Connie...

AIG Chief Asks Execs to Give Back Money
 AIG Chief Asks Execs 
 to Give Back Money 

AIG Chief Asks Execs to Give Back Money

(Newser) - AIG CEO Edward Liddy faced the music today, telling a House subcommittee he has asked employees who received generous bonuses to give at least half of the money up, and some have already agreed to do so. Liddy jousted with Barney Frank, who threatened to subpoena the company after Liddy...

Cheney: Obama Making US Less Safe
 Cheney: Obama 
 Making US Less Safe 

Cheney: Obama Making US Less Safe

Former VP slams prez for quashing 'essential' Bush policies

(Newser) - President Obama "is making some choices that will in fact raise the risk to the American people of an attack," former VP Dick Cheney charged today. Appearing relaxed and slimmer on CNN’s State of the Union, Cheney upbraided Obama for revising the Bush administration’s counterterrorism policies,...

Cuomo Wants to Link Wall St. Pay to Performance

'Heads I win, tails I break even' must stop

(Newser) - New York’s attorney general is teaming with Washington lawmakers to develop a plan to link Wall Street pay to long-term company performance, the Wall Street Journal reports. Details are skimpy, but Andrew Cuomo is looking into spreading cash and stock payments over several years so that if firms do...

Transport Sec to Fellow GOPers: C'mon, Ride the Stimulus Train

But McCain wonders where bipartisanship is

(Newser) - Talk of the economic stimulus package dominated the morning shows today, with Transportation Secretary Ray LaHood, a Republican, promising on State of the Union that the stimulus bill won't come with any earmarks or "boondoggles," the Chicago Tribune reports. LaHood said that he had tried to get his...

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