Saturday, March 07, 2009

Criminal and civil penalties sought on financial actors that helped cause the current crisis


Barney FrankUS House Financial Services Chairman Barney Frank (Dem.-MA). Image via Wikipedia

Government reform orgs. deliver news on major events within their areas of expertise.
From:
Citizens for Responsibility and Ethics in Washington (CREW)

Submitted by crew on 5 March 2009 - 4:29pm.


Barney Frank wants the bad actors in the financial crisis to pay:

House Financial Services Chairman Barney Frank (D-Mass.) is pressing state and federal authorities to seek criminal and civil penalties on financial actors that helped cause the current crisis.

"Rules don't work if people have no fear of them," Frank said at a press conference Thursday.

He announced a hearing March 20 with Attorney General Eric Holder, bank regulators and the Securities and Exchange Commission as witnesses to discover what their plans are to prosecute irresponsible and in some cases criminal behaviors.

He isn't looking for names, Frank said, but "I do want all the people with enforcement power, state and federal, in that room."

Now, we think that Frank's quote, "Rules don't work if people have no fear of them," could also apply to the House Ethics Committee. If Congress can't police itself, people have no fear of the rules.


>All Things Reform Mobile: allthingsreform.mofuse.mobi >Capitol Switchboard: 202-224-3121 (not toll-free) >US House/Senate Mobile: bit.ly/members >Contact your reps tips: bit.ly/dear >Shortened All Things Reform URL: bit.ly/dw


Reblog this post [with Zemanta]