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Subscribe to RSSAfter more than three decades in Congress, Rep. Barney Frank, D-Mass., has announced his plans to retire at the end of his current term. Frank discusses what's behind his decision with TODAY's Savannah Guthrie.
Massachusetts Rep. Barney Frank announced Monday that he would retire at the end of his term in early 2013, citing his redrawn district boundaries and his desire to write as reasons.
A longtime liberal stalwart on Capitol Hill, Frank said that he would leave the House after 16 terms primarily due to the way his 4th congressional district had been remapped as a result of Census-based reapportionment.
"I was planning to run again, and then the congressional redistricting came," he said at a press conference in Massachusetts.
Frank said that he wasn't particularly interested in the rigors of waging a full-fledged campaign -- particularly fundraising -- in a district that was mostly half new to him.
As chairman of the House Financial Services Committee, Frank coauthored of 2010's financial regulatory reform law; he serves now as the committee's ranking Democratic member. Frank said he had been flirting with retirement for some time now, but was motivated to return to Congress for another term to help defend the law from Republicans who have pledged to repeal the law.
Frank also denied that Democrats' chances of winning back the House next fall played a major role in his decision to decline re-election.
Frank has long been a lightning rod for critics, in no small part because of his blunt comments to the press, and sometimes cantankerous engagements with Republicans. But for conservatives hoping that Frank fades into a quiet retirement, the outgoing congressman promised anything but that.
"I'm not retiring from advocacy of public policy," he said. Frank said his preference would be to write -- perhaps on an unfinished Ph.D. dissertation -- and speak freely on issues. He said he didn't anticipate practicing law, though he suggested he "might show up pro bono someday for a gay rights case." (Frank is one of only three openly gay members of Congress.)
At a news conference, Rep. Barney Frank, D-Mass., said that he was originally intended to seek one more term but changed his mind in part because the state's new redistricting. Watch his entire statement.
Frank also swore off becoming a lobbyist (He would be in a prime position to cash in because of his committee position.), while taking a shot at former House Speaker Newt Gingrich at that.
"I will neither be a lobbyist nor a historian," he said, referencing Gingrich's explanation at a recent debate of his work for troubled mortgage giant Freddie Mac as being in his capacity as a historian. "One of the advantages to me of not running for office is I don't even have to try to pretend to be nice to people I don't like ... and the notion of being a lobbyist, and having to go and try to be nice to people I don't like -- it would be ridiculous."
Gingrich and Frank have sparred publicly over the course of their respective careers, most recently when Gingrich suggested that Frank should be jailed for the policies the Massachusetts Democrat had supported, which Gingrich said had effectively triggered the housing crisis.
"I did not think I've lived a good enough life to be rewarded by Newt Gingrich being the Republican nominee. It still is unlikely, but I have hopes. I think he is," he said, calling the former Speaker's boomlet a repudiation of former Massachusetts Gov. Mitt Romney.
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The circle of corruption finally is breaking apart, who's next Fannie Mae and Freddie Mac !!,perhaps they think this is over just quit and no body will do anything right.
Gotta go to work now Barney , to help pay my fair share of America's tax burden , so jerkoffs like you can pizz it away .
Is he going to join Newt Gingrich's lobbying company? Freddie Mac can pay them both. ROFL
Not so fast folks just few people understand the irreversible damage this man cost to this Country we are not out of the woods yet whit this..
now this true rep of the peoples republic of mass. can finally wear that little hat with the red star in public.
hey barney: perhaps you can rent a purple dinosaur suit
Let's be honest here:
Fannie and Freddie are run by Barney's friends. Both have run up "unanticipated" deficits quarter after quarter, yet the top of each company get massive bonuses. Barney has changed the rules of banking a number of times via his committee status- once forcing banks to give more bad loans out to people whom couldn't repay them (then blaming banks for making those bad loans), once to force banks to hold more money in reserve, and another time(recently) to force banks to make more bad loans. Freddie and Fannie have gotten "bailed out" often while Barney was watching.
It's my best guess that federal investigators are reeling in Freddie and Frannie, while implicating Barney, and he's heard through inside channels. SO, rather than be taken down as yet another corrupt federal politician he's decided to jump while it's easy and profitable. Note his quote, ""I'm not retiring from advocacy of public policy." Read that- He's either going to become a high paid lobbyist for the banks or he's going to be signed on as a "consultant" aka muscle for either Freddie or Fannie. That way when the heat rises on them, Barney makes a call to his friends on "the Hill" and things go quiet again.
Moral of the story- Once you've done massive damage while in federal office (and made massive money from your insider information) it's best to jump ship before it sinks and land lucrative deals to further your "service" career. You get paid off in book deals by your friends, get "consultant" jobs from your friends, you get "speaking jobs" from your friends, etc. etc. So he gets off and the American people get hosed yet again by our representatives.
Hey Barney, I hear Penn State may be looking for a mentor these days too. Thanks.
The lure of a seven figure lobbying salary must have been too alluring for him. That or he'll be hired by the banks he helped provide trillions to.
Good ridden rubber-lips.
I don't understand why some people actually believe getting rid of this dinosaur is a bad thing? I mean he made his pile on the backs of the taxpayers and now it is time to get out and spend it...
Praysalot,,,WHere did you get that Information from...It was Clinton..or are you one of the Obama professional liars? SOunds like it..
Barney is a crook
And then there's paul wellstone. He was killed i mean died when his small plane crashed. Looking back the guy might have been correct in his opposition to our invasion of iraq. Of course at the time he was killed, he has just about the only voice in opposition to our invasion.
Thank God! Good riddance Barney Frank, you slobbering, word slurring fool! Hopefully, Obama will soon follow!
Barney is a crook and Calinfornia the worst run state in the union. http://www.myfoxchicago.com/dpp/news/metro/illinois-second-worst-run-state-country-24-7-wall-street-20111129
So long, farewell, goodbye, adios, ciao - how many ways can I say it....any by the way take some of the others with ya! We'll be much better off without ya!
http://www.myfoxchicago.com/dpp/news/metro/illinois-second-worst-run-state-country-24-7-wall-street-20111129 cali the worst run state in the union
Barney is a crook and California the Worst run state in the union http://www.myfoxchicago.com/dpp/news/metro/illinois-second-worst-run-state-country-24-7-wall-street-20111129
Hang him high
Old liberals never die they just become lobbyists.
and owEsers
pelosi was going to clean the swamp, LMAO. Looks like the swamp is drying up by it's self, jus soros, obama, reid, pelosi, rangle, shumer and wasseman schults to go.
The swamp is drying up on the repubs too. Read the polls - Americans don't like the right any better than the left, so dry up Gary.
A little testy jeffie, LMAO!!!!!
Thats because Nancy did such a wonderful job cleaning up the swamp.
jeff-franjevic==Jeff baby check out the 2010 elections. You forgot about the Democrats that got fired.
Barney Frank gone from Congress? The perpetual slumbag millionaire who got jobs for all his relatives, even his mother and his homosexual lover. Barney the original slumdog millionaire in the worst sense. If there is a hell, Barney will surely rot there.
I'm sure this decision had nothing to do with redistricting and his loss of New Bedford as a city in his district. That city was the one reason he won reelection after reelection. The fishing community supported him because - admittedly - he had represented their interests well. Sadly he was terrible at just about everything else.
As a constituent of congressman Frank I looked forward to voting against him in every election. But after redistricting his reelection chances became a much less of a sure thing. So he would rather retire then face a legit challenge in a new district without the district gerrymandering he had counted on to support him.
Still it's so good to see him leave and he could leave tomorrowand save the country a lot of grief. He did have a lot to do with the hosing market collapse. Chris Dodd was right along with him. GITMO would be be to good for these two people crooks.
You can tell who is a Republoican, Democrat, by remarks, but has anyone forgoten that GW spent the surplus that he had when he came into office. I think Gw never ran this country it was his VP and I think that is why he is getting all the flack he gets for being a terrible President. I liked Gw but he had his faults like all humans. But I will say this if you work a 40 hour week, you better pray the Repub do not get into office, we will all be out of work.
Has anyone forgotten that GW is not in power anymore. Get over it Liberal except that you made a huge mistake by voting for the teleprompter an chief.
What work and what jobs? Under the guidance of Obama and the Democrats the unemployment numbers went up and incomes further down hill. It has been only after 3 years did that fool in the White House and Harry Reid actually started wondering about how to improve the job markets for the creation of jobs necessary toget the country going again. Barney and Dodd helped get the housing market into the tank and we should throw him into one or into jail. What country did you say you where from?
Never mind that wasted time and you can have the comfort knowing that you will have Obama-Care come 2014. That's what we got from the Democrats more bills to pay for. So get ready for that $1,500.00 a month new deduction from your payroll income.
Lady Jag: There never ever was a surplus under Clinton. That is one of those urban legends that has never had any basis on fact. Go to the US treasury site that records by the minute the US National Debt - you can see every year projected to include all 8 years Clinton was in office. There never was a truly balanced budget and there never ever was any kind of surplus. Lord that old urban legend was perpetrated by the clinton goons and believed because most americansd are simply to lazy or ignorant to check the facts - obviously your one of those.
That's nice for him. Now he can devote more time to his hobbies - eating hot dogs and sausage, amateur proctology, and cruising public restrooms.
I hear he is going to open up another brothel. I am sure his liberal friends will support him in his efforts.
Now if we can get soros, obama, pelosi and reid out of office we will be able return our country back to the capitalist society that we have always been!!!
So where are all the libs defending poor barney. I expected a rabid love fest for your favorite son. The man who singlehandly destroyed the US economy.