Rep Frank says Goldman case helps financial reform

Representative Barney Frank said on Monday that securities regulators' fraud case against Goldman Sachs (GS.N) increases the chance that financial reform will pass.

Frank, chairman of the House Financial Services Committee, also said he does not believe all 41 Republicans in the Senate will vote against the financial reform bill.

"It reinforces the need for much of what we were doing" on financial reform, Frank said on CNBC Television. On Friday, the U.S. Securities and Exchange Commission charged Goldman with fraud for its marketing of a subprime mortgage product.

Frank also said it is not essential to create a standing fund of capital to dismantle troubled financial firms, responding to Republican objections that it would amount to a bailout fund.

[Source: Reuters, Washington, 19Apr10]

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