Projo 7 to 7 News Blog

PROVIDENCE -- Massachusetts Rep. Barney Frank, one of Congress's main designers of the $700-billion bailout package for the nation's financial system, defended his position during a visit in Providence this afternoon.

Frank, the Democrat and House Financial Services Committee chairman, said at the pre-scheduled lecture "An Afternoon with Barney Frank" that the root cause of the financial problems has been lack of regulation in the lending market in years leading up to now. Going forward, he said regulation will be the key to getting American lending and financial markets on track, but did not offer a lot of specifics.

Frank blamed today's losses in world financial markets not on the bailout but on a combination of job-loss numbers Friday and short-term panic by investors.

Before the 4 p.m. lecture to university students, Frank and Rhode Island Reps. James R. Langevin and Patrick J. Kennedy spoke to reporters. Langevin described Frank as "the quarterback or the general" who helped to put together a rescue package for Main Street America.

Frank's comments to the media drew heavily from what he later said in the university lecture.

-- projo.com staff writer Michael P. McKinney, with reports from Cynthia Needham of the Journal State House Bureau

 Tags  Brown University financial bailout Kennedy Langevin Providence RI

Comments

lynn Krim said:

Barney Frank and those like him are the root cause of all this. Where was his oversight? Will he return the money he received from these financial institutions? He is nothing more than another corrupt politician. PAtrick Kennedy is nothing more than another inept politician. Wake up New England! Don't vote for any incumbent even if no one is running against them. Write in your own name. It's time to clean out this nest of destruction!

Link | October 6, 2008 7:39 PM
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JACKK ROSSI said:

I AGREE WITH LYNN, IT'S TIME TO RID OURSELVES OF THE BARNEY FRANKS AND DODD. AND GET SOME RESPONSIBLE AND INTELLIGENT PARTISAN TYPES VOTED IN....I KNOW THAT ALL MY RELATIVES IN PROVIDENCE AND CRANSTON WERE BORN DEMOCRATS ANDD WILL IE DEMOCRATS, BUT THAT IS NOT HELPING OUR COUNTRY RIGHT NOW...COUNTRY FIRST, PARTY SENCOND. GOD BLESS AMEERICA.. A WWII AND KOREAN MARINE AT AGE 81 AND GLAD TO BE STILL RIDING MY HARLEYS AND CRUISING THE SUWANEE RIVER...JACK ROSSI

Link | October 7, 2008 11:28 PM
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