The July 2009 issue of the Journal of Financial Planning features a 10 questions interview with Congressman Barney Frank on responsibility, regulation, and responding to crisis.

 House Financial Services Committee Chairman Barney Frank believes:

• Detailed disclosure requirements for credit card issuers and mortgage companies are the key to preventing consumers from getting themselves into excessive debt.
• Resistance by Republicans in Congress prevented regulation of subprime mortgage lending that could have averted the 2008 financial crisis.
• Policies that push low-income individuals to own their own homes instead of renting are bad economic policy.
• Campaign finance reform cannot happen as long as financial support of political campaigns is viewed under the law as equivalent to “speech” protected by the First Amendment.

What do you think? Share your reactions to Rep. Frank and your thoughts about what kind of legislation Congress should enact to improve the strength of financial institutions.

I read with complete disbelief this article and interview with Barney Frank. You might expect Mr. Frank to portray himself as an angel but it is a disgrace that Mr. Stolz should let him get a way with it and that JFP should publish this fiction!!

His statement regarding his skepticism about home ownership for low income people and his assertion that he tried to stop the madness in housing can easily be found false by his own words. Other Democrats including Bill Clinton are also in the epicenter of this problem.

I would suggest reading two excellent editorials on this issue to learn more about the other side of this issue. Namely the Wall Street Journal editorial dated 9/9/08 titled Fannie Mae's Patron Saint and the Investor Business Daily editorial date 9/15/08 titled The Real Culprits in this Meltdown. The Wall Street Journal followed up with an editorial as recently as 6/25/09 titled Barney the Underwriter. With a little more effort we can find his own words in support of these destructive policies at public websites.

Mr. Frank is as responsible for this problem as any other politician in Washington DC. For you to give him a pass is an assault to our democracy. This is an important topic to understanding how we got to where we are and I hope you will spend more time in a more thorough and balanced discussion.

As to fixing the problem: 

I am very skeptical regarding any real fixes to this problem coming out of Washington.  The Finanical Services industry has always been "regulated" by the government and this regulation has gotten us to where we are today.  I might add that the problem is bipartisan.  Remember the old saying that the USA has the best Congress money can buy. To get real reform in this area we need real reform with our tax code (thereby reducing the importance of influence) and with term limits for all members of Congress (thereby reducing the ability to build empires).

I typically find very useful, objective and enlightening information in the Journal of Financial Planning.  I just read the Barney Frank article (which appears to be written by his staff) and am disappointed. 

I cannot believe that you would print this.  No matter what side you line up on it is very unprofessional. 

I recommend that you take a hard look at who your audience is and take that into consideration the next time you try to pass off an Editorial for a real story.  I cannot support an organization that does this and will be reading future communications from you with suspicion.

 I think the following sums up what REALLY happened:

One year ago today (July 14, 2008), Barney Frank, the chairman of the House Financial Services committee stated, ''Freddie Mac and Fannie Mae are fundamentally sound. I think they are in good shape going forward'' (source: BusinessWeek).

If he was a Republican, he would not be in office anymore!  The hypocrisy astounds me!

I found some irony in reading the 10 points with Barney Frank the same week that the CFP board, Napfa, and FPA sent him a letter explaining how we want to all be fiduciaries.  Wouldn't it be appropriate if our elected officials exhibited a fiduciary standard?  Shouldn't they put the taxpayer's interest ahead of one's own political agenda?  If only congress would practice some public fiscal restraint.  Do what is best for the country rather than what will get you re-elected.  His comments were filled with partisanship and such immodesty that I yearn for term limits. 

 Amen to that!