Massachusetts Rep. Barney Frank, the former chairman of the influential House Financial Services Committee, will not seek re-election next year, several news outlets are reporting this morning.
June 22, 2010 — When Barney Frank spoke to a group of supporters at the Brookline Democratic Town Committee meeting June 13th, he lied. In response to my charge that he opposed the reinstatement of Glass-Steagall, he said that he voted against the repeal of Glass-Steagall in 1999 in the Gramm-Leach-Bliley bill. He did vote against it, but not because of the repeal of Glass-Steagall, which his own statements from the time show. The truth is, as he stated on the floor of the Congress in July 1999, he fully supported the repeal of Glass-Steagall and its separation of commercial from investment banking, declaring that, "It is a good piece of legislation for setting forth the conditions for the financial services industry," and that, "It does a very good job of creating the conditions in which the capitalist institutions can flourish, and that is a good thing." Frank emphasized, "We want capital to move freely. WE GAVE THE FINANCIAL INSTITUTIONS EVERYTHING THEY HAVE ASKED FOR."
Now that the global economy is on the ropes, he can rest from his labors on behalf of the British empire. I wonder what his epitaph will be.