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Outgoing House Financial Services Committee Chairman Barney Frank sharply criticized incoming chairman Rep. Spencer Bachus on Wednesday, ridiculing the Alabama Republican for reportedly saying "Washington and the regulators are there to serve the banks." Frank has already said he plans to defend the Dodd-Frank Wall Street Reform and Consumer Protection Act from Republicans next year, but his press release made it clear he was willing to get personal. Frank said Bachus' statements and subsequent clarification "makes two things very clear."

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