From CoC:
Other members of that committee [besides Fred Franz] were Nathan Knorr, Albert Schroeder and George Gangas. Fred Franz, however, was the only one with sufficient knowledge of the Bible languages to attempt translation of this kind. He had studied Greek for two years at the University of Cincinnati but was only self-taught in Hebrew.
When he was in Romania, Ray Franz was asked whether he thinks his uncle was competent enough to do the translation. He said that Fred had very good language skills, even if self-taught he mastered the language very well, and he thinks that even using the NWT one can get to an understanding of the principle teachings of Jesus.
Here's a youtube video (skip to about 6:40):
http://www.youtube.com/watch?v=N2AT5u1pDwE
and continued here: