In The News

U.S. Banks Tally Their Exposure to Europe’s Debt Maelstrom

With the European financial crisis still threatening a trail of defaults, United States banks are betting that their insurance is going to pay out. Five large American banks, including JPMorgan Chase and Goldman Sachs, have more than $80 billion of exposure to Italy, Spain, Portugal, Ireland and Greece, the most economically stressed nations in the euro currency zone, according to a New York Times analysis of the banks’ financial disclosures.

Frank responds to critique of financial reform

PolitiFact debunks Gingrich's claims about Wall Street reform law

"Gingrich said that community banks 'are being destroyed by Dodd-Frank.' But as a whole they are healthier than a year ago. No doubt the improvement in the economy has helped, but community banks also have benefited from a reduction in fees paid to the FDIC as a result of Dodd-Frank."

Frank lobbies against cuts to Social Security, Medicare

U.S. Rep. Barney Frank said Thursday defense cuts and increased taxes on millionaires should be the priority in deficit reduction, not cuts in social benefits..... "We should not be told that we have to reduce two of the great achievements of the United States in the 20th century, Medicare and Social Security," Frank said.

Our View: A change in mission would promote sensible military funding

Rather than perpetuate a defense structure that adapts to new threats but sustains systems tailored for old ones, the government must apply thoughtful, strategic cuts that allow both effective security and balanced priorities. Then the nation building that has been such a force in America's military doctrine might be focused at home, where economic and social strength will enhance our standing and influence abroad.

Feds' hard line against fishermen shows cracks

On Friday, U.S. Rep. Barney Frank announced that Commerce Department Inspector General Todd Zinser has agreed to review the National Oceanic and Atmospheric Administration's process for developing rules that apply to the fishing industry.

Barney Frank returns to Taunton with town hall forum continues support for reduced military spending

According to U.S. Rep. Barney Frank, D-Newton, military spending on efforts that are not crucial to America’s security should be reduced, while that money should be brought back home to reduce the deficit and help people here.... I am convinced that we cannot reduce the deficit over that 10-year period in a responsible way, the way that leaves us able to still protect the quality of life here in America and to promote good economic activity in America, unless we substantially reduce America’s worldwide military footprint,” Frank said.

Congressman Barney Frank says military spending cuts are necessary

As the super committee works on a bipartisan deal to cut the deficit, Frank said that the issue at hand is not whether or not spending cuts will come, they will, he said. But rather, if the committee decides to exempt the military from these cuts, “you savage everything else.”

Barney Frank calls for cuts in military spending

U.S. Rep. Barney Frank yesterday urged MetroWest residents to badger their Washington representatives and tell them to dramatically reduce the amount of money the government spends on the military. "The military is the least-efficient way to spend any given dollar," the Newton Democrat said yesterday, addressing a crowd of approximately 250 at Massachusetts Bay Community College.

Barney Frank in Taunton: Less money for wars, more for social programs

Programs such as Medicare, Medicaid and Social Security could suffer if military spending is not cut as part of federal deficit reduction efforts, U.S. Rep. Barney Frank told a group of senior citizens Monday. “It’s time to put this money to work back at home,” Frank said, calling for the United States to end military operations in Afghanistan and Iraq. If the congressional “super committee” tasked with cutting the federal deficit by identifying $1.2 trillion in savings over the next 10 years fails to consider military cuts, social programs that help seniors will likely be slashed, the...