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Barney Frank dismisses Elizabeth Warren's favorite idea 

July 24, 2014
Joseph Lawler, Washington Examiner

The Democratic Party's former point man on financial regulation has a low estimation of Sen. Elizabeth Warren's pet legislation.

Appearing Wednesday before the House Financial Services Committee he used to head, former Rep. Barney Frank, the architect of the 2010 Dodd-Frank financial reform law, dismissed the idea of reinstating Glass-Steagall, the Depression-era law that split investment banks from commercial banks that Warren has advocated reinstating.

Frank, sporting a beard and facing a portrait of himself hanging on the committee room's wall, was asked by Rep. William Lacy Clay, D-Mo., if he favored the bill to effectively recreate Glass-Steagall introduced by Warren with Sens. John McCain, R-Ariz., Maria Cantwell, D-Wash., and Angus King, I-Maine. 

Frank responded that the Glass-Steagall separation of banks that take deposits from banks that make speculative investments would not have prevented the financial crisis.

Read More: Washington Examiner

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