GOPer ‘hit a nerve’ with Barney Frank on financial regs

Rep. Bob Goodlatte (R-Va.) ‘hit a nerve’ with House Financial Services Committee Chairman Barney Frank (D-Mass.) during a hearing with Treasury Secretary Timothy Geithner.

He tweeted Friday:

At hearing of the Ag and Fin Services Comms with Secy Geithner on reg of financial instrmnts called derivatives. I hit a nerve with . . .

. .Chmn Barney Frank when I said the hrng was prem as the Secy couldn’t ans ques about leg not yet written. At least Frnk prom 2nd hrng.

Goodlatte, who is ranking member of the House Agriculture Conservation, Credit, Energy, and Research Subcommittee, called the hearing “prem.” We think he means premature.

The Treasury Secretary was on the Hill today to convince Congress to enact tough new laws regulating financial derivatives. “Clearly we will be significantly expanding the regulation of derivatives,” Frank told Bloomberg today.