WASHINGTON — One year after passage of the landmark bill bearing his name, Rep. Barney Frank said critics of some of the law's key provisions — now being implemented by regulators — are simply misguided.

Frank specifically targeted groups trying to ease requirements in the Dodd-Frank Act that lenders hold on to some credit risk, saying that backtracking now would overlook the effects that zero skin-in-the-game had in the crisis. While he favored a broader exemption from risk-retention proposed by regulators in March, he warned against turning the exception into the rule.

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