Barney Frank, chairman of the House Financial Services Committee, unveiled draft legislation closely coordinated with the administration that will have significant implications for financial regulation. Peter J. Wallison and Philip Swagel have been following the progress of the proposed financial regulations. Both testified to the House Financial Services Committee on the draft Financial Stability Improvement Act of 2009. Wallison told the committee the draft "contains an extremely troubling set of proposals which, if adopted, will bring economic growth in this country to a standstill, essentially turn over the control of the financial system to the government, and seriously impair competition in all areas of finance." Swagel called part of the legislation "a proposal for a permanent and supercharged TARP." He recommended an improved bankruptcy regime over the proposals in the legislation.