Lobbying by Bailed-Out Banks: A Complex Issue, Says Representative Barney Frank

Strategic Insights -

Representative Barney Frank, the chairman of the House Financial Services Committee, was interviewed by John King on CNN's Anderson Cooper 360. The discussion centered around the lobbying efforts of bailed-out banks, and Frank's stance on regulating the banking industry. Frank emphasized the importance of distinguishing between community banks and large financial institutions, highlighting the need for consumer protection.

Key Takeaways:

  • Representative Frank would like to see bailed-out banks pay back the money they received from taxpayers before lobbying for their interests.
  • Frank believes that even with significant financial resources, the big banks' lobbying efforts do not guarantee success, as effective lobbying is also carried out by community banks.
  • Frank is proud of the committee's recent efforts to regulate the banking industry, including the creation of a new federal consumer financial protection agency.
  • The committee has passed legislation to speed up the effective date of regulating overdraft fees and to limit credit card abuses.
  • Frank takes money from individuals, unions, and organizations involved in low-income housing, but stopped accepting money from TARP recipients.
  • Frank supports a public finance system and has given money to the Democratic Congressional Campaign Committee and other Democrats.
  • Frank's committee has passed legislation on restricting bad subprime lending, controlling derivatives, and protecting consumers.
  • The committee's record demonstrates Frank's commitment to regulating the banking industry and protecting consumers.

Statistics:

  • $1.2 million: the amount Representative Frank raised for his campaign since January.
  • 32%: the increase in campaign contributions for Frank compared to the same three-quarters last year.
  • 1: the number of House committee chairmen who raised more than Frank in the same time period.

Sources:

  • CNN's Anderson Cooper 360
  • Representative Barney Frank's statement to CNN's John King
  • The Boston Globe
  • Federal News Service transcript (_SUITE 500, 1000 Vermont Avenue NW, Washington, DC 20005 USA)