Barney Frank to Announce Retirement

Published November 28, 2011
| FoxNews.com

Reuters
Longtime Rep. Barney Frank, D-Mass., will announce his retirement Monday at an afternoon press conference in Newton, Mass.

The 16-term lawmaker, whose name is emblazoned on the banking reform law that passed Congress last year, had long been rumored to be ready for retirement. He was previously chairman of the House Financial Services Committee but is now ranking member since Democrats lost the majority in the 2010 midterm election.

The Dodd-Frank law, a contentious set of provisions that Republicans say add layers of regulatory burdens without preventing potential future meltdowns, was made in response to the near collapse of the banking industry in 2008. Among other actions, it created a Consumer Financial Protection Bureau to oversee access to banking products and required listing ratios of executive pay to median employee salaries.

Frank, 71, was first elected to the House in 1980, and is one of the first lawmakers to announce he is homosexual.

Republicans made a valiant effort to knock off Frank in the last election cycle, nominating Sean Bielat, a 35-year-old businessman and former U.S. Marine, who had made waves, but had little chance of knocking off a powerful incumbent in a strongly Democratic leaning district.

President Obama won 61 percent of the vote there in 2008. Sen. John Kerry, the home state senator who ran for president in 2004, pulled in 62 percent in the district.



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Wow, I posted on this 1 min. atter youse! BOY OH BOY! Tis good news indeed.

I just heard ol' "BJ Barney" claim that the Fannie/Freddie collapse was George Bush's fault. What actually happened is a matter of public record and easily researched so I won't post on that. Mortgage lenders weren't "pushed" into making bad loans; they HAD to. Why?

There are thousands of mortghage brokers in the USA and they are NOT non-profits. They MUST write loans or go outta business. When, under Frank/Dodd rules, Fannie and Freddie started writing and backing worthless contracts, the die was cast: Write risky loans or close shop. No company can compete with a virtual givaway, can they? When the BUSH admin attempted to tighten up on the regs, Barney made his now famous statement that Fannie and Freddie were "not in a crises position". He was and is lying and thank "de lawd" that lying sonofabitch will be gone. Perhaps he can re-start that homo-for-hire operation he had going in DC (before it was busted) and have a nice retirement career as a goddamn pimp.