Barney Frank denies interest in chairing Consumer Financial Protection Bureau
A spokesperson for Rep. Barney Frank (D-Mass.) told HousingWire there was no truth to the rumors he might chair the upcoming Consumer Financial Protection Bureau. Under the Dodd-Frank Act, the newly formed CFPB will oversee seven regulators beginning July 21, 2011. President Obama appointed former Congressional Oversight Panel Chairman Elizabeth Warren as the overseer of the bureau. According to a survey by tax and advisory firm Grant Thornton, 73% of bankers said the CFPB would be the one provision under Dodd-Frank that would affect their business most. Rep. Spencer Bachus (R-Ala.) is in line to replace Frank as chair of the Housing Financial Services Committee after Tuesday's elections when the Republicans took back control of the House. Some analysts including predicted Frank would chair the CFPB. Write to Jon Prior.