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July 21, 2014 at 08:46 AM
Former Rep. Barney Frank of Massachusetts will testify Wednesday before the House Financial Services Committee on his namesake Dodd-Frank Act’s impact four years after being signed into law.
Rep. Maxine Waters, D-Calif., ranking member on the committee, said in a Monday statement that she invited Frank to testify at the hearing, “Assessing the Impact of the Dodd-Frank Act Four Years Later.”
Dodd-Frank was signed into law on July 21, 2010. Frank, a Democrat, retired in 2012.
The GOP-led committee has secured four other witnesses.
“I’m pleased Barney has agreed to return to the Committee on the four-year anniversary of Dodd-Frank, to discuss significant progress we have made in protecting consumers, reining in Wall Street and preventing another financial crisis,” Waters said in the statement. “I look forward to joining him to refute Republican misrepresentations about the origins of the crisis and the impact of Dodd-Frank.”
A likely topic that will come up during the hearing will be Waters’ bill H.R. 1627, the Investment Adviser Examination Improvement Act of 2013, which would allow the Securities and Exchange Commission to collect user fees from advisors to help boost the number of advisor exams.
The bill, reintroduced last April has languished in the House until recently. Rep. Spencer Bachus, R-Ala., agreed Thursday to co-sponsor the bill, a move that advisory groups called “significant.” Bachus is now chairman emeritus of the Financial Services Committee.
