Obama Gets What He Wants from Barney Frank’s Committee

The House Financial Services Committee today passed the Financial Stability Improvement Act (HR 3996), and it represents a victory for the Obama administration. Essentially, the bill as approved mirrors what the administration wanted: systemic risk regulatory rights, dissolution of the Office of Thrift Supervision, and minimum capital requirements, to name a few.

A fine rundown of what’s in the bill can be found here.

The bill was ratified by the House Financial Services Committee by a vote of 31-27. No wonder Barney Frank met with President Obama yesterday in the Oval Office. He was getting his “that a boy.”