Harvard student takes on Rep. Frank

CAMBRIDGE, Mass. (myfoxboston) - It all started with a question: "How much responsibility, if any, do you have for the financial crisis?"

Rep. Barney Frank (D-Mass) and a conservative Harvard law student debated over how Frank should have handled his role as the House Chairman of the Financial Services Committee. Frank was at Harvard University for a speech at the Kennedy School of Government.

Frank said the student wasn't backing up his claims, invoking some laughter from the crowd, and the student told Frank he wasn't answering his question.

Watch part of the exchange on the left

During his speech Monday, Frank said he is pushing legislation he says will help avert a repeat of the country's financial meltdown.

He says the plan would crack down on a bonus system for the heads of financial institutions that encourages undue risk-taking.

The plan would also bar institutions from securitizing 100 percent of their loans, create a "resolving authority" to help wind down failing institutions, and ensure no institution becomes so indebted that it threatens the national financial system.

Frank said it would prevent people who can't afford home loans from obtaining them.