Government insured loans a 'desirable first step' says Jerome Frank of S.E.C. Washington, D.C., June 2. SEC Chairman Jerome Frank making his initial appearance before a Senate Committee since his advancement to the Chairmanship, today appeared as witness before the Senate Banking and Currency Committee to endorse government insured loans as a 'desirable first step toward enabling local banking institutions to fill a gap in the financing of small business.' The bill was proposed by Sen. James E. Mead, and proposes that the RFC insure up to 90 percent of the loans made by private banking institutions