No one should get too excited about the supposed Full Committee Hearing for the Barney Frank (D-MA) bills … engines may be revving for HR 2266 + 2267, but these bills aren\’t really \”moving\”. At best they are spinning their wheels and at worst they are flat-out stuck in political mud.
The PPA informs us that the hearing has been \”postponed [until] later next week possibly\”. Its being scheduled for a Friday shoulda been the first clue that the House Financial Services Committee wasn\’t really serious about having a debate on these bills. At this point in an election season, the members often try to get out of Washington DC as early as possible on a Friday so they can return to their home districts.
The whole purpose of this not-so-scheduled hearing is not for debate and mark-up … but rather to appease a Spencer Bachus (R-AL) beef, who previously complained the last time they talked about these bills that Frank did not do his due diligence and invite the Deptartment of Justice and the Treasury (and maybe the Federal Reserve?) to testify. Supposedly someone from California is also looking to speak, saying these regulatory matters should be left to the states, not the Feds.
