Rep. Frank is the poster boy for everything that I believe to be wrong in Congress today. He is supposedly a champion for the poor, yet he has been a cheer leader for policies that are destroying the economic vitality of the nation–a vitality that was once the greatest hope for the poor to better their lot in life. He sees big government as the solution to every problem … and with bigger government comes less freedom and more taxation.
As a powerful member of Congress he supported changes in banking regulations that required banks to give loans to unqualified persons during the Clinton administration. In an article in the New York Times dated March 10, 1993, John Cushman noted that the changes were a form of “economic stimulus.” Indeed, they were, but they stimulated the economy in the wrong direction. They led to massive numbers of bad loans being required of banks at the risk of government investigation. Those bad loans were then bundled and sold and the entire banking system was undermined.
Tied up in all of this were the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal National Mortgage Corporation (“Fannie Mae”), which Barney Frank insisted were in no need of reform during the George W. Bush administration. Shortly afterward the house of cards began to crumble, bringing us to the present day’s economic woes–which are not over by a long shot.
But Barney Frank’s work was not done. While both houses of Congress were controlled by the Democrats from 2008-2010, he joined ranks with Sen. Chris Dodd (D-CT) to bring the nation an onerous set of new business regulations known as the “Dodd-Frank Wall Street Reform and Consumer Protection Act.” This legislative monster is more than 2,000 pages of government control for nearly every aspect of financial dealings in the country. It will take years to understand the unintended negative consequences caused by the act. One wonders if the members of Congress even understood the bill when they voted on it. Did they even bother to read it?
So, Mr. Frank, this blogger has already begun to celebrate your departure. When they replace you, let us pray that the good people of your congressional district in Massachusetts return to the constitutional principles that made their commonwealth great in the early days of the nation.