Revised November 29, 2011
Sorry, but I’m not about to join the chorus singing the praises for Mass. Rep. Barney Frank on his announced retirement from the House. Yes, he was one of the earliest openly gay members of Congress (Rep. Gerry Studds actually was the first, and Frank’s coming out was tainted by scandal over his boyfriend working as a prostitute from their apartment).
On the plus side, Frank championed gay rights legislation that never passed, such as the Employee Non-Discrimination Act, and opposed, unsuccessfully, the Defense of Marriage Act and Don’t Ask, Don’t Tell, both signed into law by President Bill Clinton, whom he avidly supported.
But gay rights don’t exist in a vacuum, as our friends on the left tirelessly remind us. And Frank, in my view, has been one of the all time worst legislators in U.S. history. During the housing bubble that eventually brought us to the worst economic downturn since the Great Depression, Frank tireless opposed efforts to require more sensible capital reserve requirements for federally created Democratic housing fiefdoms Fannie Mae and Freddie Mac. Opposing stronger regulation of these government sponsored enterprises (while trying to ramp up the red tape on private financial firms), he famously intoned in 2003, “These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
When they blew up due to lack of sufficient capital (couldn’t see that coming?), Frank blamed the political opposition. He also championed legislation forcing banks to make subprime housing loans to those whose lack of income and assets should have disqualified them (the Community Reinvestment Act), and who later would be among those with homes they couldn’t afford and mortgages they couldn’t pay (who could have guessed?). Frank said critics of the bill and its effects were motivated by racism.
The result was the bank bailouts that taxpayers funded. And if that wasn’t enough damage, Frank capped his career with the Dodd-Frank regulatory behemoth that is helping to strangle business investment.
Barney, good riddance. Don’t let the congressional door slam you on the way out.
More. An argument has been made that if Clinton had not signed the Defense of Marriage Act, Congress would have sent to the states (which would have ratified) the much worse Federal Marriage Amendment. Maybe. But I think history shows that trying to appease an enemy by surrendering some rights and liberties only makes the enemy, having tasted victory, hungry for more. If instead of boasting about signing DOMA Clinton had used some political capital to make the case for letting states decide the issue, an argument with some conservative resonance, things might have turned out very differently.