THE SPENDING SPREE REPRESENTATIVE LEAVES BEHIND DEBT RACKED UP FROM 1980 –2012 WORTH 9.7 TRILLION.
Rep. Barney Frank (D-Mass.) announced Monday that he will not seek reelection in 2012, ending a three-decade career in the House.
Frank, 71, is the top Democrat on the Financial Services Committee and the architect, with former Sen. Chris Dodd (D-Conn.), of the sweeping Wall Street regulatory reform law enacted in 2010.
His legislative legacy is likely to be the Dodd-Frank financial reform bill that passed in 2010 in the wake of the Wall Street meltdown that sent the economy into a tailspin in 2008. Hailed by the Obama administration, the law has drawn sharp criticism in the Republican presidential nomination fight, and one leading contender, former Speaker Newt Gingrich (R-Ga.), even suggested that Frank be jailed, along with Dodd, for their support of the mortgage giants Fannie Mae and Freddie Mac in the lead up to the financial crisis.
POSTED BY FREEREP: HERE IS BARNEY’S LEGACY AS HEAD OF THE FINANCIAL SERVICES COMMITTEE WHO PUSHED FOR FANNIE & FREDDIE GCE SUBPRIME LENDING THAT COLLAPSED THE ECONOMY IN 2008. ONLY IN CONGRESS CAN YOU GET AWAY WITH INSIDE TRADING AND LIE TO THE AMERICAN PEOPLE TO FOOL THEM IN BUYING IN FAILING COMPANIES – WATCH THE VIDEO: http://patdollard.com/2011/11/greta-says-good-bye-to-barney-frank-with-classic-oreilly-attack/?utm_medium=twitter&utm_source=twitterfeed