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Frank Responds to Reports of Campaign Contributions to Reward Opponents of Financial Reform


Location: Washington, DC

Congressman Barney Frank today released the following statement in response to press reports that Republican leaders, who have strongly opposed Wall Street reform, are receiving greatly increased campaign contributions from Wall Street firms. An article published by Bloomberg News states that campaign contributions to House Speaker John Boehner have increased six-fold over the same period in the last election cycle, and that "three of the biggest sources of Boehner's campaign cash are employees of three Wall Street investment houses."

"If anyone still doubts that some on Wall Street yearn for the good old days when the financial services industry could engage in irresponsible and deeply damaging practices without regulation, here is the proof. Those that oppose the financial reform law and were unable to block it last year are now providing substantial backing to those who are attempting to undermine it."

"They are funding Republican opponents of financial reform who are proposing to block efforts to prevent price-inflating speculation on food and energy until late 2012 and to gut the Consumer Financial Protection Bureau, effectively putting bank regulators, which have failed miserably in the past, back in charge of consumer protection. Last week, they proposed to repeal a provision in the financial reform law which holds rating agencies legally liable when they make misstatements in sales prospectuses. And they want to restrict the amount that is needed by the SEC to protect investors from fraud and abuse."

"In short, they want to allow the financial services industry to resume its old ways, and some in the industry want to reward them for doing it. With all the money flooding in we will have a tough battle ahead, but I will not be deterred and I'm ready to fight back."

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