Rep. Barney Frank (D-MA), former chairman of the powerful House Financial Services Committee, has announced that he will not seek reelection in 2012 after serving 32 years in Congress. Frank, 71, and former Sen. Christopher Dodd (D-CT) co-wrote and shepherded the sweeping Wall Street Reform and Consumer Protection Act through Congress last year. President Obama signed the legislation into law in July 2010 (see NGI, July 26, 2010). Earlier this year, he opposed Republicans’ efforts to water down the financial reform law by cutting the budgets of the Commodity Futures Trading Commission and the Securities and Exchange Commission, the two agencies tasked with enforcing the stricter law. Frank was instrumental in getting Hess LNG to withdraw its proposal to build the controversial Weaver’s Cove liquefied natural gas (LNG) import terminal in Fall River, MA. The company withdrew its application in June in response to the opposition from a number of congressional, state and local officials (see NGI, June 20).
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Frank to Retire after 32 Years in Congress
Rep. Barney Frank (D-MA), former chairman of the powerful House Financial Services Committee, announced Monday that he will not seek reelection in 2012 after serving 32 years in Congress.
House Bill Exempts Commercial Hedgers from Exchange Trading Mandate
Rep. Barney Frank (D-MA), chairman of the House Financial Services Committee, Wednesday offered a manager’s amendment to his over-the-counter (OTC) derivatives bill that would exempt end-users — such as energy producers and consumers — from having to trade on exchanges if they use derivatives to hedge commercial risk. A roll call vote on the proposal, which appears to have the support of the committee, is expected Thursday.
Federal Designation Would Put River Off Limits to Weaver’s Cove
Rep. Barney Frank (D-MA) appeared before a House Natural Resources subcommittee Tuesday to urge adoption of his bill (HR 415) that would designate the Taunton River in Massachusetts as a Wild and Scenic River, putting another crimp in Weaver’s Cove Energy’s plans to build a liquefied natural gas (LNG) terminal in Fall River, MA.
Massachusetts Dems Ask Bush to Intervene in Weaver’s Cove LNG Case
Massachusetts Congressmen James McGovern and Barney Frank on Wednesday appealed to President Bush to support the Navy’s plea to reopen the controversial case to site the Weaver’s Cove liquefied natural gas (LNG) import terminal in Fall River, MA, on the grounds that it would interfere with the Navy’s testing of warfare systems.
MA Lawmaker At Forefront of Effort to Blunt LNG Provision in Omnibus Spending Bill
Rep. Barney Frank (D-MA) is at the forefront of an effort with other coastal state lawmakers to clarify that language contained in the omnibus spending bill conference report should not be used to bolster FERC’s claim of exclusive jurisdiction over the siting of liquefied natural gas (LNG) import terminals.
MA Lawmaker At Forefront of Effort to Blunt LNG Provision in Omnibus Spending Bill
Rep. Barney Frank (D-MA) is at the forefront of an effort with other coastal state lawmakers to clarify that language contained in the omnibus spending bill conference report should not be used to bolster FERC’s claim of exclusive jurisdiction over the siting of liquefied natural gas (LNG) import terminals.
El Paso, AEP Take Another Analyst (SSB) Hit
Continuing to take the low road on certain energy companies, Salomon Smith Barney (SSB) Friday knocked the props out from under American Electric Power (AEP) and El Paso Corp., removing the “outperform” label and dropping them back “in-line” with the rest of the gas and electric utility sector.
SSB Meteorologist: El Nino Should Hinder Hurricane Development in 2002
Salomon Smith Barney meteorologist Jon Davis released his 2002 hurricane forecast last week calling for normal to below normal hurricane activity this year based mainly on the growing likelihood of an El Nino weather pattern in the equatorial Pacific. It is well known that in El Nino years Atlantic hurricane activity is hindered by a strong southern jet stream, Davis said. Pacific sea surface temperatures currently are warmer than normal but not quite enough yet to call an El Nino.
SSB Follows Merrill Lynch Lead, Will Oversee Analysts’ Picks
Salomon Smith Barney (SSB) said Wednesday it would change the structure of its stock research department to match the changes agreed to this week by Merrill Lynch & Co. in a $100 million settlement with the State of New York (see Daily GPI, May 23). In a memorandum to the SSB staff, CEO Michael A. Carpenter said a research review committee would be formed to oversee analysts’ recommendations, and said SSB would separate “the evaluation and compensation of equity research analysts from investment banking.”
