Massachusetts liberal Barney Frank, who has done more damage to the U.S. economy than any other individual in Congressional history, is retiring.
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.
Massachusetts has a storied history of electing big-spending control freaks that have wrecked the business climate in this nation. It remains to be seen why Frank is retiring… I would not be surprised if it was related to prostitution or unethical financial activity.