In a recent interview on Capitol Hill, Frank said, "I think we have a very good structure in place that will diminish the likelihood of another collapse caused by financial irresponsibility. On the whole, I'm very pleased with how it worked out."Some critics of the law say that it skimped on the details, leaving regulatory agencies with too heavy a burden. Frank said Congress didn't have a choice.
"It's precisely because we knew we couldn't get everything exactly right that we did leave room for the regulators," he said.
The agencies have yet to disappoint, he contended. So far, the SEC, the commodities commission and other agencies have proposed dozens of new rules under harsh conditions, earning a grade of "A" from the Massachusetts Democrat.