House Financial Services Committee

House Financial Services Committee chairman Barney Frank (D-MA) today made the following statement about stories related to a recent staff departure from the House Financial Services Committee:

Today, Financial Services Committee chairman Barney Frank (D-MA) released the following statement on Senate Banking Committee chairman Chris Dodd’s financial reform substitute:

Today, House Financial Services Committee Chairman Barney Frank (D-MA) issued the following statement on the introduction of draft financial reform legislation by Senate Banking Committee Chairman Chris Dodd (D-CT).

“I congratulate Senator Dodd and I am pleased at the progress Senator Dodd and other members of the Senate have made. Obviously the bills aren’t going to be identical, but it confirms that we are moving in the same direction and reaffirms my confidence that we are going to be able to get an appropriate, effective reform package passed very soon.”

Chairman Frank, Ranking Member Bachus, members of the House Financial Services Committee, it is a pleasure to appear before you today as we continue working towards comprehensive reform of our financial system.

The Chairman and the Committee have made important progress over the past several weeks.

Committee completes work on a key element of President Obama’s plan to bring accountability and responsibility to Wall Street

The House Financial Services Committee today approved legislation that would, for the first time ever, require the comprehensive regulation of the over-the-counter (OTC) derivatives marketplace. Today’s bill, which was approved by a vote of 43-26, represents a key part of a broader effort by Congress and President Obama to modernize America’s financial regulatory system in response to last year’s financial crisis.

House Financial Services Committee chairman Barney Frank and House Agriculture Committee chairman Collin C. Peterson today released a concept paper that will guide the two committees as they develop legislation to regulate derivatives. The text of the concept paper can be viewed by clicking here.