Barney Frank The Banking Queen

Barney Frank The Banking Queen:

In September 2003, Frank, then the ranking Democrat on the Republican-led Financial Services Committee, opposed a Bush administration proposal for transferring oversight of Fannie Mae and Freddie Mac from Congress and the Department of Housing and Urban Development to a new agency that would be created within the Treasury Department. The proposal reflected the administration's belief that Congress 'neither has the tools, nor the stature' for adequate oversight. Frank stated, 'These two entities...are not facing any kind of financial crisis.... The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'"