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Frank reacts to Gingrich’s remarks

Barney FrankRep. Barney Frank (D-Mass.) has fired back at former Speaker of the House Newt Gingrich for accusing him of breaking the law and blaming him for the financial crisis.

“Apparently, Newt Gingrich — who considers himself one of the intellectual leaders of the free world — is so embarrassed by the fact that he is running behind Michele Bachmann in Republican polls that it has increased his already well-developed propensity to utter outlandish things,” Frank said, NYTimes.com reports.

During the recent Republican presidential primary debate, Gingrich launched a scathing attack on Frank and former Connecticut Sen. Chris Dodd for writing the 2,300 page law known as the Dodd-Frank Act that is packed with regulations for financial institutions and puts constraints on their risk-taking and profit-making abilities.

According to Frank, Gingrich should be the one held responsible for the financial crisis because he presided over a period of deregulation that started the economic decline.

“The Republicans — part of the time under Newt Gingrich — ran Congress from 1995 until 2006, the period during which the financial crisis began and then rose to disastrous proportions,” Frank said, according to NYTimes.com. “Chris Dodd and I were in the minority during that time, and in fact no remedial action was taken by Congress until we became chairmen of our respective committees in 2007 and 2008.”

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