Barney Frank to Fed: There’s No Santa!
December 19th, 2007
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Rep. Barney Frank (R-MA) is generally recognized as one of the smartest — and most insightful — people in Washington. Yesterday we reported that the new consumer protections suggested by the Federal Reserve were worthless for senior citizens because they specifically exclude reverse mortgages.
Now we have Rep. Frank, chairman of the House Financial Services Committee, adding his view: The Fed proposal is weak and woeful — though Rep. Frank says this in a far more amusing and pointed way. The entire release from Frank is below:
“The staff of the Financial Services Committee and I have had a chance to review the Federal Reserve’s proposed rules regarding abusive subprime loans. We now have confirmation of two facts we have known for some time: one, the Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus. People who are surprised by the one are presumably surprised by the other.”
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