Barney Frank wants criminal prosecutions for financial wrong doing related to the Financial crisis.

My question is: will they start with Congress?

U.S. House Financial Services Committee Chairman Barney Frank said he wants to see people prosecuted for wrongdoing related to the financial crisis as lawmakers overhaul regulation of Wall Street.

Frank will call on attorneys general, bank regulators and officials from the U.S. Securities and Exchange Commission to outline plans for prosecuting and recovering funds from those responsible for the crisis, he said today at a news conference in Washington.

According to The Hill:

“I will be pushing for legislation that makes it illegal for anyone to securitize 100 percent of anything,” Frank said, meaning that banks or lenders must hold some share of the loan instead of passing the loan off entirely to investors with no relationship to the actual borrower. Frank did not specify a percentage of risk that lenders would have to retain.

Most of the causes are perfectly legal, originating in the deregulation Congress passed per the demands of lobbyists.

The Hill is reporting some frightening agenda by Frank, such as giving the Federal Reserve even more power. The target is systemic risk as well as contagion, most assuredly is needed to supervise and analyze. But considering we cannot get the Federal Reserve to even disclose who is receiving $2.2 trillion dollars in short term loans, do we really want these additional powers given to the Federal Reserve?