Appearing on the Rachel Maddow Show, “Liberal” Democratic congressman Barney Frank of Massachusetts, had the chutzpah to pretend to be the defender of the American people, when he assured Rachel Maddow that the Consumer Financial Protection Agency (CFPA) Bill would be passed despite strong financial services industry opposition.
He failed to mention that he had earlier assured, Paul Schott Stevens, president and CEO of the mutual fund industry’s Investment Company Institute, during July 17 testimony before Mr. Frank’s committee, when he asked that lawmakers ensure the new agency have no regulatory authority over mutual funds or retirement plans, that mutual funds and 4o1k plans would not be covered by the CFPA, the industry would not be covered by the bill and would continue to be regulated by the Securities and Exchange Committee the (SEC)
Yes, the same SEC that did not stop Bernie Madoff, that did not stop the subprime mortgage debacle, the same SEC that helped cause the economic collapse, and the same Barney Frank that encouraged the housing bubble. Pension & Investments, an industry trade magazine reports that Representative of the Financial Services Industry Barney Frank,
In responding to concerns raised by industry lobbyists, Mr. Frank, D-Mass., the chairman of the House Financial Services Committee, said the bill would not affect products — such as mutual funds — already regulated by the Securities and Exchange Commission. He also said the CFPA would not play a role in regulating 401(k) plans or annuities.
The reason stated by the financial services industry, about why the CFPA should not include retirement accounts, is because the bill “would clear the way for the CFPA to look at the terms of 401(k)s, their pricing, their marketing, whether an IRA or 401(k) was appropriate for the consumer.” Says Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, in the same industry article.
In other words, Barney Frank assured the financial services industry. that they could continue to rip-off, lie to, and mislead the American people. Appearing on the Rachel Maddow Show to tout the CFPA, on one of the few “liberal” t.v. commentary shows on television, Barney Frank ripped off, lied to, and mislead the American people.
If you want to stop being lied to, mislead, and ripped-off. If you want to protect your retirement and financial future. Do yourself a favor and try the free retirement calculator on the the Green Retirement website to find out how much you really need to retire. The financial services industry uses a formula to calculate your retirement savings needs that overestimates the amount of savings you need, forcing you to work longer, so that they can earn extra fees and commission from your labor.
2 responses so far ↓
1 Fred Oleson // Jul 28, 2009 at 8:57 pm
Barney & Rachel, what a pair. Two liberal homos who love to tear down this country.
2 Green Retirement // Jul 29, 2009 at 8:00 am
Hey Fred:
I am a Green Libertarian, therefore, I defend your right to post bigoted comments (within reason) on the Green Retirement Blog. However, judging people for “who they are”, instead of “what they do”, is not only ignorant but also self-defeating.
Barney Frank and Rachel Maddow’s sexuality is irrelevant, the issue is your retirement, not their sexual preference.
You do yourself a dis-service, when you allow your fear and ignorance to be used by others, who engage in culture wars for political or financial profit. For too long, the American people have been purposely divided, in an attempt to rob them of their money. Usually by straight white guys.
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