Who Is Congressman Barney Frank?:
Barney Frank has been the Democratic Congressman from the Fourth District in Massachusetts since 1981. He became Chair of the Housing Financial Service Committee in 2007. He has a reputation for being well-informed on the complex financial environment in the U.S., on housing and mortgage regulation, and on protecting homeowners, especially those in lower incomes. He is known to be very liberal. He has long been an advocate of limits on executive compensation which, as he says, "...rewards a CEO for taking risks but if he incurs losses goes home to dinner as usual."
What Does the Housing Financial Service Committee Do?:
The Committee oversees all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. It reviews programs relating to the Federal Reserve, FDIC, the SEC, Fannie Mae and Freddie Mac, HUD and international agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, and the Community Reinvestment Act, among others.
Why Is Barney Frank Important to the Economy?:
As Chairman of the Housing Financial Service Committee, he is responsible for developing a response to the $700 billion bailout proposed by U.S. Treasury Secretary Henry Paulson. His understanding of what caused the Banking Crisis, what will happen if nothing is done, and what alternatives need to be included will help shepherd a solution through Congress.
Frank's Early Career:
Barney Frank was a Massachusetts State Representative (1972-1980) and an assistant to Mayor Kevin White of Boston. He has taught at several Boston area universities. He is a graduate of both Harvard College (1962) and Harvard Law School (1977).
