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	For Immediate Release: December 18, 2007
	Frank Statement on Federal Reserve’s Proposed Rules on HOEPA
	Washington, DC - Rep. Barney Frank, chairman of the House Committee on Financial Services today released the following statement in reaction to the Federal Reserve’s proposed rules on the Home Owner’s Equity Protection Act (HOEPA): “The staff of the Financial Services Committee and I have had a chance to review the Federal Reserve’s proposed rules regarding abusive subprime loans. We now have confirmation of two facts we have known for some time: one, the Federal Reserve System is not a strong advocate for consumers, and two, there is no Santa Claus.  People who are surprised by the one are presumably surprised by the other.”