Video archive of the US Congress

House Proceeding on Dec 11th, 2009 :: 0:55:20 to 0:57:55
Total video length: 1 hours 47 minutes Stream Tools: Stream Overview | Edit Time

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Barney Frank

0:55:16 to 0:55:37( Edit History Discussion )

Barney Frank: to correspondent this -- correspondthis back. i look forward to working the chair the chair: the gentleman's time has expired. the gentleman from pennsylvania is recognized. mr. can jor -- kanjorski: i yield such time as he may require to the chair of the committee. the chair: the gentle massachusetts.

Barney Frank

0:55:20 to 0:57:55( Edit History Discussion )
Speech By: Barney Frank

Barney Frank

0:55:38 to 0:56:00( Edit History Discussion )

Barney Frank: mr. frank: i agree with what he said about credit rating. i for the record would like to make an assertion i know he agrees with. when he talks about our agreement on the c.r.a.'s and role, we are talking about the credit rating agencies, not the community reinvestment act the other c.r.a. with which we sometimes people don't pay full attention. i don't want to get anybody too agitated. he's right.

Barney Frank

0:56:01 to 0:56:22( Edit History Discussion )

Barney Frank: he and i collaborated on the legislation to remove the statutory he's also correct, we fully agree, i think it's very true unanimity, with the purpose he articulated. telling the average investor, pay attention on your own. don't rely on the rating agencies.

Barney Frank

0:56:44 to 0:57:05( Edit History Discussion )

Barney Frank: i think we have done as much as anybody could think of. i have seen articles saying why didn't you do more but they were absent of any suggestion. i think it would be better if we had rating agencies. in the interim we have told people use your own judgment, as the gentleman acknowledged out. going forward, the problem we

Barney Frank

0:57:06 to 0:57:27( Edit History Discussion )

Barney Frank: got was from a number of states and private institutions that the old language. i am pleased the gentleman said let's work together. i think it would mean meeting with various of the state agenci and pension funds to see if there is some legislative fix we could adopt short of going back to the old way. i agree with him as to the

Barney Frank

0:57:28 to 0:57:49( Edit History Discussion )

Barney Frank: purpose of changing the same so that we can alleviate this problem there. so with that i would be willing to say there is no need for the amendment even though we have an agreement. we'll ask our hardworking and very creative staffs often work very well together to meet with those who have raised this issue to see if there is something else we could do that would meet their concerns so they wouldn't have

Barney Frank

0:57:50 to 0:57:55( Edit History Discussion )

Barney Frank: to a etc. with that i think we have come to a conceptual agreement and

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