It turns out that his pay freeze proposal will cripple the staffing of the Consumer Financial Protection Bureau:

Rep. Barney Frank (D-Mass.) said this week that exceptions may have to be made to President Barack Obama’s proposed pay freeze in order to effectively implement the Wall Street reform bill.

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Frank said on Thursday he would support providing exemptions to the pay freeze if regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CTFC), can show they are needed to hire the appropriate talent.

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In July, SEC Chairman Mary Schapiro announced that her agency intends to hire 374 new employees in 2011. She also indicated that to meet the requirements set out in the Dodd-Frank bill, the agency will need to hire up to 800 staff in total.

Mr. Frank, you are being naive. The fact that the pay freeze cripples agencies that regulate the big banks is not a bug, it’s a feature.

Surely, after all he has done to protect the big banks, you can’t think that he will allow the regulatory agencies to staff up with competent and motivated people to actually reign them in?

Silly Congressman, don’t you know that laws are for whistle-blowers, not bankers!