House and Barney Frank became Chairman of the House Financial Services Committee, he has done more to reform Wall Street than Republicans in the previous twelve years.  Already, under his chairmanship, Congress has taken major steps to curb abusive subprime loans, to restrict CEO compensation and  to limit bonus plans which encourage excessive risk-taking, to reform Fannie Mae and Freddie Mac, and to expand consumer protections for credit card holders.

No Significant Accomplishments on These Issues During GOP Control (1995 - 2006)

KEY FINANCIAL SERVICES COMMITTEE ISSUES, 109TH – 110TH CONGRESSES The Republican Party was the majority party in the U.S. House of Representatives and on the House Financial Services Committee from 1995 – 2006. The Democrats returned to majority status at the beginning of 2007, as a result of the 2006 elections. Congressman Barney Frank, who had served on the committee during the Democratic majority that ended in 1994, and under Republican control through 2006, became the Chairman of the committee for the first time in January 2007. The following summarizes the action on 4 key issues during the 109th Congress (2005 – 2006), when the Republicans were in the majority, and the 110th Congress (2007 – 2008), when the Democrats were the majority party and Frank was chairman. The issues are:

* Curbs on Abusive Subprime Loans
* Restrictions on Excessive CEO Compensation
* Reform of Fannie Mae and Freddie Mac
* Credit Card Consumer Protection

The House majority party has virtually total control – in committee and in the House chamber – of the legislative agenda. No bills come before committees for a vote or reach the House chamber for a vote without an explicit decision by the majority party. As senior Democrat on the Financial Services Committee during the 109th Congress (2005 – 2006), Frank played a lead role in coordinating the activities of committee Democrats. He enjoyed limited success on the 4 key issues until the Democrats resumed the majority and he became chairman in 2007. As chairman, Frank played a key role in passing a new law reforming Fannie Mae and Freddie Mac; prompting Federal Reserve Chairman Ben Bernanke to crack down on abusive subprime loans; enacting the first restrictions on excessive CEO compensation; and passing in the House a credit card consumer protection bill. FINANCIAL SERVICES COMMITTEE REFORM SCORECARD 109th Cong. (2005 – 2006); GOP Majority

• No action on subprime bill
• No action on CEO compensation bill
• Fannie and Freddie reform passes House
• Bush Administration and Senate block further action
• No action on Credit Card reform bill

110th Cong. (2007 – 2008) Dem. Majority

• Subprime bill passed by House
• Fed issues subprime regulations
• House passes CEO compensation bill
• Key CEO pay restrictions included in Fannie and Freddie reform law and in Economic Stabilization Act
• Fannie and Freddie Reform becomes law
• Credit Card reform bill passes House
• Fed drafting new credit card rules