Democrats: Obama Needs Hands-on Economic Approach

"It would be very helpful if the president-elect would become more involved in resolving the issue over the source of the funds," he said. "I want him to offer his assistance. He is a person who can really bring people together."

President-elect Barack Obama speaks at a news conference in Chicago, Wednesday, Dec. 3, 2008. (AP Photo/Charles Dharapak)

(AP)

Frank, shrewd and quick-witted, also poked fun at Obama's calls for a "post-partisan" governing environment in Washington. Frank predicted that regulatory legislation aimed at preventing abuses related to subprime mortgages and credit cards stood a much better chance next year, when Democrats have greater majorities in the House and Senate.

"It is a grave mistake to assume that parties are irrelevant to this process," he said. "My one difference with the president-elect, about whom I am very enthusiastic, is when he talks about being post-partisan.

"Having lived with this very right wing Republican group that runs the House most of the time, the notion of trying to deal with them as if we could be post-partisan gives me post-partisan depression," Frank said.

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