Barney Frank's Plan

On Monday, Barney Frank spoke at the Kennedy School at Harvard and laid out his plan for regulatory reform. His main points are in line with the administration's, though his outlook is not as broad:

* A ban on 100 percent securitization of loans.
* Elimination of the “perverse incentives” in a system that pays enormous bonuses for good results but exacts no penalty for disastrous ones.
* Resolution authority.
* Control of systemic risk.

On a less informative, but more entertaining, note - he also had an argument with a law student in the audience.