Rep. Barney Frank, who heads the financial services meddlers — sorry, committee — has his plans.
[He said] a central point . . . would be the creation of a “systemic-risk regulator.” It could have unprecedented powers over a wide range of financial institutions, from insurance firms to hedge funds, with responsibility for protecting the soundness of the whole financial system, not just one sector. [italics added]
This be the Barney Frank who let prostitutes use his house as headquarters and took for his lover Fannie Mae executive Herb Moses and, what’s more important, denied problems with Fannie M. and Freddie Mac five years ago, when Bushies were pressing for more oversight, objecting to constraints as thwarting the goal of “affordable housing”? The same.