The news of Barney Frank’s retirement on Monday made the political guard at the Democratic Congressional Campaign Committee (DCCC) shutter. Ranking Member Frank would not be retiring if he thought he would be chairman again of the powerful House Financial Services Committee in 2012. As a key lieutenant to Nancy Pelosi, the liberal’s liberal Frank has been the poster child for a politician who has been in Washington way too long.
Remember how he used his powerful position to help his partner get a job with mortgage giant Fannie Mae in the early 1990s? Frank, who infamously wanted to “roll the dice” on sub-prime housing and not “focus on safety and soundness” of Fannie Mae and Freddie Mac, was a key defender and advocate of the poor lending practices for home mortgages that led to the housing collapse and ultimately the harsh downturn in the United States economy.
The anti-business Dodd-Frank legislation that was enacted last year by a then-Democrat controlled Congress has only hindered any possibility of a recovery for America’s struggling economy. The Heritage Foundation reported that this misguided piece of legislation calls for 243 separate rulemakings by 11 different federal agencies. Talk about a legacy of big government for Barney Frank.
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