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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."
Frank also announced that two financial entities have returned or are planning to return a
total of $7.6 billion worth of Troubled Asset Relief Program funds.
One of these is Northern Trust, which returned $1.6 billion after Frank and other
Democrats on his panel publicly slammed the bank for sponsoring a PGA golf tournament and
other lavish perks. |
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