Massachusetts Congressman Barney Frank, head of the House Financial Services Committee, says investment banks have outpaced government regulation and new standards are needed. I totally agree.
And here’s part of how we got into that fix, and new standards are needed, another gift that keeps on giving from St. Alan Greenspan.
Problem is, in the past, Frank has been ready to “loosen things up” himself at times. Yes, he voted against Gramm-Leach-Bliley, but wasn’t against the general spirit of the act. So, when Frank says “new standards,” regulations might be passed allowing new activities in some investment areas, rather than an across-the-board tightening down.
And, Gramm-Leach was another of those Clinton-era things that, although sponsored by Republicans, was gladly signed on for by Clinton and many other New Dem types. It did pass the House 362-57 and Senate 90-8
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