Frank Says Cutting Funds to Regulators Is ‘Worst of All Worlds’

U.S. Representative Barney Frank said Republican efforts to cut funding to agencies implementing new Wall Street rules under the Dodd-Frank Act are creating the “worst of all worlds” for regulators.

“This nickel and diming the Securities and Exchange Commission and Commodity Futures Trading Commission does grave harm,” said Frank, co-sponsor of the financial-regulation law that bears his name, during testimony at a Senate Banking Committee hearing in Washington today.