Tag Archives: Barney Frank

DADT Repeal Likely to Be Part of Defense Bill

DADT Likely to Be Part of Defense Bill
By Kerry Eleveld

Repealing “don’t ask, don’t tell” will likely be included as part of next year’s Department of Defense authorization bill in both chambers of Congress, Congressman Barney Frank, a Massachusetts Democrat, said Wednesday.

Rep. Barney Frank (D-NY)


“Military issues are always done as part of the overall authorization bill,” Frank said, insisting that this has been the strategy for overturning the policy all along. “’Don’t ask, don’t tell’ was always going to be part of the military authorization.”

Frank said he has been in direct communication with the White House, House Speaker Nancy Pelosi’s office, and other congressional leaders about the strategy for ending the 1993 ban on gays serving openly in the military.
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No Longer “To Big Too Fail”

posted by GeoT

By Karey Wutkowski

WASHINGTON, Oct 23 (Reuters) – The Obama administration plans to unveil on Monday a new plan for dealing with troubled financial giants, said a senior U.S. lawmaker, who also mentioned potentially big changes for the insurance industry.

Too Big To Fail

Too Big To Fail

Barney Frank, chairman of the House Financial Services Committee and a chief architect of the financial regulation overhaul, declined on Friday to give details on the administration’s new bill, which would give the government the power to dismantle large financial companies that get into crises.

The new draft bill is expected to take a tougher stance toward troubled financial firms than the administration’s original plan, and may take out some language that would allow for temporary bailouts.

Giving the government “resolution authority” would serve as a rebuttal to the concept that some firms are too big to fail. Federal Reserve Chairman Ben Bernanke on Friday highlighted the need for this authority as well as other measures to reduce the likelihood that one firm could destabilize the financial system.

Frank also said Congress is discussing whether to create an optional federal charter for insurers.

Rep. Barney Frank (D-NY)

Rep. Barney Frank (D-NY)

Insurance companies are currently regulated by the states.

“If we do get into national chartering it will be in life insurance … and maybe large commercial entities,” Frank said during remarks to a banking symposium.
He said lawmakers would not likely try to federally regulate property and casualty insurers, however.

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Filed under Bailout, Banking, Capitalism, Democrats, Economics, Economy, Free Market, Republicans, Stimulus, TARP