Financial bill under attack over loopholes

Package lacks adequate oversight, critics say

Representative Barney Frank, House Financial Services Committee chair, talked with Representative Spencer Bachus. (Chip Somodevilla/ Getty Images)

By Michael Kranish and Alan Wirzbicki

Globe Staff and Globe Correspondent / October 31, 2009

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As Representative Barney Frank nears his goal of pushing a massive financial regulation package through the House Financial Services Committee, parts of the legislation are coming under blistering assault from consumer groups as well as key Democrats, who say it contains loopholes that could set the stage for another financial meltdown. (Full article: 1146 words)