WASHINGTON – Stronger regulation of financial institutions won't stifle innovation but will lessen the chances for abuse, House Financial Services Committee Chairman Barney Frank (D-Mass.) said today.
"We have the responsibility to come up with rules that allow free enterprise to flourish and minimize abuses," Frank said at a speech at the National Press Club.
He said that part of the regulatory reform agenda, an agency to regulate consumer financial products, should be welcomed by depository institutions because it will target those industries that caused the financial crisis and weren't regulated.
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