Barney Frank not running again

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Rep Barney Frank (D-MA) announced this morning through his spokesman that he will not be seeking re-election for his 17th term. And there was much rejoicing in the land.

Frank is the ranking member on the House Financial Services Committee. In 2003, he commented on Fannie Mae and Freddie Mac, stating, “These two entities…are not facing any kind of financial crisis…” He also said “I do not want the same kind of focus on safety and soundness [in the regulation of Fannie Mae and Freddie Mac] that we have in the Office of the Comptroller of the Currency and the Office of Thrift Supervision. I want to roll the dice a little bit more in this situation towards subsidised housing.”

He is also the co-author of the Dodd-Frank bill, a 2300-page bill they claimed would end “too big to fail.”  However, Dodd-Frank has granted the federal government unprecedented regulatory powers. Economic writer and real estate investor Jeff Harding says that “the new financial overhaul bill is the greatest government takeover of the financial sector of the economy since the National Recovery Act of 1933 when Franklin Roosevelt attempted to introduce central planning in America.” It will eventually create at least 17 new bureaucracies with powers to regulate small businesses and consumers including the so-called Consumer Financial Protection Bureau.  It would also seem that every Republican currently running for office is advocating its repeal.

Frank won his 2010 re-election with 53% of the vote, the smallest margin he’d ever had. His opponent was Marine Sean Bielat who ran his campaign on a shoe-string and still came within striking distance of unseating a powerful incumbent.

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13 Responses to “Barney Frank not running again”

  1. Kyle Friant Says:

    Good! We are rid of him!

  2. Cliff Lyon Says:

    It was Bush who started to push Fannie and Freddie into subprime mortgages in 2004 and at the time Barney Frank warned that it was a mistake.

  3. Anderson Says:

    I guess I will make it 3 comments in a row from people that are happy to see this guy go.

  4. jbt Says:

    It was the lack of government regulation of the financial industry that allowed the current financial crisis and ensuing recession to take place, yet conservative Republicans continue to cling to the notion that we need less regulation in the financial sector—not more. That makes no sense whatsoever.

    Barney Frank is one of a very few members of Congress intelligent enough to understand the complexities of the financial system and what safeguards are necessary to prevent another meltdown. He will be sorely missed. It will be difficult to replace such an exemplary dedicated public servant.

  5. Phill Wright Says:

    Some of you people who have responded to this post either don’t know your US History or you are too dishonest to admit the truth.

    It was NOT George Bush or a LACK of financial regulations that created the sub-prime mortgage meltdown.

    It was instead three things; (One) “The Community Redevelopment Act of 1977” brought to us by who used to be known as the worst US President before Obama came along; Jimmy Carter.

    (2) “The National Homeownership Strategy: Partners in the American Dream” of 1994 brought to you by Pres. Bill Clinton,

    (3) representative Barney Frank who “slept” with a high ranking FNMA official, and who received millions from FNMA and FHLMC and who allowed the CEO’s of these companies to make millions while protecting them from US Senators and Congressmen and President Bush who on several occasions during his first term asked that both FNMA and FHLMC be audited.

    President Carter and President Clinton’s plans called for relaxed lending guidelines including “no-income verification” loans and “zero Down payment” loans so that more Americans could qualify for homes.

    When Clinton revamped the legislation he included provisions to penalize banks who did not originate or hold a solid percentage of these types of loans in their portfolios.

    I’ve been in the mortgage industry over 28 years and I do know the facts! Barney Frank is a crook who has helped FNMA and FHLMC to bilk billions from financial institutions, and the US taxpayer.

    He along with many of his colleagues and the heads of FNMA and FHLMC all belong in jail!

    So stop trying to pin the blame on George Bush or conservatives when there is absolutely NO evidence pointing in their direction.

    You will notice that I did not mention President Obama in this mess, I’ll leave that part up to you because its not a pretty picture either for your socialist hero!

  6. Mark Brian Says:

    For those that do not know the history as Phil suggested I would suggest reading http://www.washingtonpost.com/business/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/2011/11/16/gIQA7G23cN_story.html

  7. Mark Brian Says:

    And then follow up with http://www.ritholtz.com/blog/2011/11/examining-the-big-lie-how-the-facts-of-the-economic-crisis-stack-up/

  8. Greg Says:

    Good posts, Phill and Mark.

    You have responded to what seems to be an increasingly common tactic used by progressives. Make wild, unsubstantiated claims blaming others for problems their own political allies have caused. The best defence seems so be a calm, well-composed presentation of what actually happened.

    Keep up the good work.

  9. jbt Says:

    Psst…..Greg.

    Go back and actually read the Ritholtz columns that Mark provided the links to. The clear and factual information put forth in these essays are the antithesis of the conservative “Big Lies” spouted by Phill wRight in the post above.

  10. Greg Says:

    Jbt,

    Although Phill and Mark present opposing viewpoints, both presentations were calm and rational. I don’t have to agree with someone to appreciate a well-reasoned response. Both provided sources to back up their claims – contrary to the afore mentioned proclivity of progressives to blame others for things they themselves promoted.

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  12. jbt Says:

    Greg, let’s be honest here.

    It is Phil wRight who is the one who made “wild, unsubstantiated claims blaming others for problems their own political allies have caused”. He failed to provide even one source to back up his wild off the wall accusations against Barney Frank and the Democrats.

  13. Greg Says:

    I just re-read your comment blaming Bush for , and praising Frank for foreseeing and trying to prevent, the housing bubble burst. I don’t see a single source listed.

    However, when I read the posts by Phill and Mark I see numerous sources.

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