Barney Frank on Housing and Regulation

21 July 2011 CNBC
Barney Frank on the need to continue with his bill on financial reform that includes restrictions to extend regulation for non-banks. The Dodd-Frank bill is the most intrusive form of regulation seen since the 1930s. It has been one year since the legislation was passed.
He argues that Republicans may let the financial industry off the hook if we are not careful. He says he played a major part in restricting Fannie Mae and Freddie Mac and pushing them into conservatorship. He gets defensive when told that both the Clinton and Bush administrations had encouraged the explosion of low-income home ownership and sub-prime lending.
Barney Frank agrees with Fed Chairman Ben Bernanke in that excessive tightening has been a problem. Hundreds of thousands of jobs are lost. The problem he says is cutting the deficit too soon and too fast. On entitlement cuts he argues that different sections of society may have different needs (78 year old women versus the generation who grew up on iPods).

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