Barney Frank

Mr. FRANK of Massachusetts

Mr. FRANK of Massachusetts. I yield the gentleman an additional 30 seconds. I ran for Congress because of the widespread feeling that Washington was broken. I believe that what is needed to fix it is a little less pandering to the ideological extremes, and a lot more compromise by reasonable people in both parties--particularly in this time of national crisis. So, will the spirit of bipartisan compromise carry the day? In less than an hour, I guess we will find out.

Mr. FRANK of Massachusetts. I thank the gentleman for his words, and I now recognize the gentlewoman from California (Ms. Woolsey) for 2\1/ 2\ minutes.

Mr. FRANK of Massachusetts. Madam Speaker, I now yield 4 minutes to the very able Chair of our Capital Markets Subcommittee, a man who has played a very important role in our trying to stabilize this situation, the gentleman from Pennsylvania (Mr. Kanjorski).

Mr. FRANK of Massachusetts. I yield an additional 30 seconds. One thing we talk about as you study what the appropriate accounting ought to be, not legislative but as they study it, there is room for flexibility in how quickly various consequences attach to that, and we are discussing that with the regulators.

Mr. FRANK of Massachusetts. Madam Speaker, I yield the gentlewoman an additional 15 seconds.

Mr. FRANK of Massachusetts. I yield 2 minutes to the gentleman from Oregon (Mr. Blumenauer).

Mr. FRANK of Massachusetts. I yield myself 30 additional seconds. The House passed the GSE reform that the Bush administration requested. We then asked the Secretary of the Treasury to put that into the stimulus. He said no. The Senate then did it in July--and the bill became law. So 12 years of Republican rule, zero action on GSE reform, a year and a half of the Democrats being in power and GSE reform was passed. I now yield 3 minutes to the gentleman from Tennessee. (Mr. TANNER asked and was given permission to revise and extend his remarks.)

Mr. FRANK of Massachusetts. I yield 2 minutes to the gentlewoman from Michigan (Ms. Kilpatrick). (Ms. KILPATRICK asked and was given permission to revise and extend her remarks.)

Mr. FRANK of Massachusetts. I yield the gentleman another 15 seconds.

Mr. FRANK of Massachusetts. If the gentleman would yield, yes. Again, that is well within the legal authority that this Federal Reserve Chair has described to us that he has under the statute from the Depression. And given the centrality of the automobile industry--and we're talking, I want to again stress, not just making cars, but selling them and servicing them and repairing them, and of course providing great mobility to the American people. Clearly, this a worthy subject for the Federal Reserve to intervene with, when appropriate.

Mr. FRANK of Massachusetts. I yield an additional minute to the gentlewoman.

Mr. FRANK of Massachusetts. Madam Speaker, no one in this House has done more to fight for affordable housing and to prevent foreclosures and no one has had more of an impact and is trying within this bill to do the maximum that political constraints allow. So I now recognize for 3 minutes the Chair of the Housing Subcommittee, the gentlewoman from California (Ms. Waters).

Mr. FRANK of Massachusetts. I yield the gentlewoman 30 seconds.

Mr. FRANK of Massachusetts. Madam Speaker, while I believe the gentleman is a little bit too harsh on the Bush administration, I understand his point of view. Madam Speaker, I now yield to the gentleman from Michigan, the dean of the House, for purposes of a colloquy. (Mr. DINGELL asked and was given permission to revise and extend his remarks.)

Mr. FRANK of Massachusetts. I yield the gentleman an additional 30 seconds.

Mr. FRANK of Massachusetts. If the gentleman would yield, that would mean a great deal to me coming from anyone, but from the gentleman from Michigan, with his long record here in these areas, it means a particularly great deal.

Mr. FRANK of Massachusetts. Madam Speaker, I yield myself 15 seconds. On page 58 the gentleman was right to object to the provision in the original bill sent to us by the Secretary exempting him from judicial review. We have disexempted him. If Members will look at page 58, he is now subject to appropriate judicial review. I now yield 2 minutes to the gentleman from Minnesota.

Mr. FRANK of Massachusetts. I thank the gentleman, who comes to us with great authority here because of having chaired the committee for years and had some of this jurisdiction, and having been right when other people were resistant, he speaks with a great deal of credibility. And the answer to his question is, yes, it does require that there be consultation with the Chairman of the Federal Reserve, but the Treasury Secretary is empowered to do exactly that. And I would add, as the gentleman knows, in my judgment, one of the major areas of damage we will see if this bill fails is that we will start to see a real contraction in credit for automobiles. So the automobile makers and the people who sell automobiles will all be hurt. And the answer is yes to the gentleman's question.

Mr. FRANK of Massachusetts. Madam Speaker, the gentlewoman from Illinois (Ms. Bean) is a member of this committee who brings great business experience. I am delighted to yield her 2 minutes at this point.

Mr. FRANK of Massachusetts. Mr. Speaker, I'm sure the Members will be relieved to learn that I have no matching metaphor. I recognize for 3 minutes the gentleman from California (Mr. Sherman).

Mr. FRANK of Massachusetts. Madam Speaker, for the purpose of a colloquy, I yield 2 minutes to the gentleman from Georgia (Mr. Marshall).

Mr. FRANK of Massachusetts. Madam Speaker, I yield 2 minutes to the Representative from one of our great urban quarters, the gentleman from Philadelphia, Mr. Fattah. (Mr. FATTAH asked and was given permission to revise and extend his remarks.)

Mr. FRANK of Massachusetts. Madam Speaker, I now yield 2 minutes to the gentleman from Oregon (Mr. DeFazio).

Mr. FRANK of Massachusetts. Madam Speaker, our committee was joined this year by an extremely thoughtful Member who brings a wide range of relevant experience, the gentleman from Illinois (Mr. Foster). I yield him 2 minutes.

Mr. FRANK of Massachusetts. I yield 2 minutes to the gentlewoman from California (Ms. Lee).