“I have nothing to say except I know how Britney Spears feels,” said Rep. Barney Frank on Sept. 27, 2008, after yet another day in which a pack of journalists followed his every move.
In the frenzied early reckoning of the financial crisis, Frank, the 15-term Massachusetts Democrat known for being the second openly gay member of Congress — and the first member for reporters to hit up for a great quote — made the rare Washington leap from colorful supporting player to full-fledged protagonist: As the chairman of the House Financial Services Committee, the banking industry was a sick patient at his feet. Main Street demanded change. Wall Street feared it was coming. And Frank promised to deliver. “You need a new tool kit for new phenomena, and our job next year is to develop that toolkit,” he said in an interview with Bloomberg News.
Frank’s legislative agenda was ambitious. He pushed for the creation of a council of regulators to oversee systemic risk; the establishment of a national consumer protection agency; stricter standards for hedge funds, private equity firms, and credit-rating agencies.
The federal government certainly went to extraordinary lengths to forestall a depression and to save the banking system. Congress passed the $700 billion Troubled Asset Relief Program in 2008. Fannie Mae and Freddie Mac, the giant government-sponsored enterprises that are the backbone of America’s housing industry, were essentially nationalized. The U.S. Federal Reserve and the Treasury presided over the restructuring of Wall Street, including the bankruptcy of Lehman Brothers, the sale of Bear Stearns, and the conversion of Morgan Stanley and Goldman Sachs into bank holding companies. Meanwhile the government, during the worst of the panic, seemed to roll out a new relief program every week, including a rescue package of American International Group. (Subsequently it has forced the brief bankruptcies of General Motors and Chrysler.) Some of these measures carried short-term stipulations such as compensation limits that the financial institutions, and the well-paid executives who run them, don’t like.
But rescuing the system is hardly the same thing as reforming it, and a diverse chorus of voices worries that, with the stock market’s recovery and the last of the big banks poised to leave TARP, the moment for real change has been squandered.
It’s not only a concern in the U.S.: In Europe regulators and policymakers so far haven’t enacted a single proposal that would overhaul the financial system. “Meaningful regulatory change is urgent now because this is the window of opportunity,” warns Simon Johnson, a professor of entrepreneurship at Massachusetts Institute of Technology and a former International Monetary Fund economist. Hard money training.
Tags: banking industry, financial crisis, financial reform, legislators, us federal reserve, wall street
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