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Washington
Frank We-told-you-so speech on subprime other issues
WASHINGTON (1/11/08)--The chairman of the House Financial Services Committee has announced he will, in a speech, present an argument that the country’s subprime mortgage problems are a case in point against a “widely held belief” that deregulated markets perform better. Rep. Barney Frank (D-Mass.) is scheduled to make his remarks to the Kennedy School of Government, at Harvard College, in Cambridge, Mass. on Jan. 14. Frank’s office announced Thursday that the chairman will present a speech entitled “We Told You So: A Liberal Perspective on 21st Century Capitalism.” The subprime mortgage problems and the associated financial crisis that started last summer is a case in point, Frank will argue, in which financial innovation--coupled with the lack of regulation and government oversight--now threatens the overall economy. More broadly, Frank is expected to discuss his view of the role of regulation in the modern economy. This event is cosponsored by the Institute of Politics, the Mossavar-Rahmani Center for Business and Government, the Rappaport Institute for Greater Boston, the Regulatory Policy Program, and the Taubman Center for State and Local Government. Congress adjourned for a winter recess on Dec. 20. The House is scheduled to return to session on Jan. 15, the Senate on Jan. 22.
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