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Barney Frank Reconsiders Derivatives Rules: "There May Be A Problem Here"

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WASHINGTON -- House Financial Services Committee chairman Barney Frank, under fire from some fellow Democrats and consumer groups for carving out what they call loopholes in legislation designed to prevent another economic meltdown, said in a letter released tonight that "there may be a problem here'' and that he wants to reconsider.

The Globe reported on Saturday that an array of Democrats, consumer groups, and the chairman of the Commodities Futures Trading Commission were concerned that legislation pushed through the committee by Frank was not strict enough on the trading of derivatives.

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