Egad, hasn’t he done enough damage already?
Apparently not. Via the Boston Globe, Rep. Barney Frank can’t wait to meddle even more in the marketplace. Keep an eye on the grabby hands:
As chairman of the House Financial Services Committee, Frank is busy assembling a complex bill to give the federal government unprecedented control over the country’s financial institutions. It is as ambitious as any legislation jolting town halls and cable-news programs…When Congress returns to session after Labor Day, Frank expects to chair a series of hearings and markup sessions that he hopes will generate a single comprehensive bill on financial reform for a vote in the House…
…Frank says the legislation is necessary to help fend off future episodes of financial panic. Hedge funds and derivatives traders would have to operate under new limits. A financial products safety commission would regulate the consumer marketplace, down to payday loans and check-cashing stores. Federal officials would gain new powers to unwind failed financial institutions.
Last time I checked Barney Frank’s financial oversight record was the pits. Only in Beltway Bizarro World does such an epic failure get rewarded with even more expansive powers to screw things up.