EXCLUSIVE: Barney Frank, Brad Miller Launch Sneak Attack on OCC, Federal Reserve « naked capitalism

Today, to approximately no one’s surprise, the Republicans in the House Financial Services Committee are going after the Consumer Financial Protection Bureau.  Congressman Barney Frank and Brad Miller, though, have introduced something pretty interesting into the mix.  They have struck back by using the same attacks the Republicans are making against the CFPB on the bank-friendly regulators at the Office of the Comptroller of the Currency and the Federal Reserve.  Specifically, Frank and Miller have proposed to make the OCC and the Federal Reserve, the most important bank regulators, subject to Congressional appropriations.  Right now, those two agencies fund themselves through money printing (the Fed) or assessments on the banks (OCC).  What Frank and Miller are doing would be a major step forward for democratic accountability over our bank regulators.