Barney Frank, a unique politician and extraordinary American, announced his “early” retirement yesterday. He took on the mightiest among us with aplomb and good humor. As they say in New England, he was “wicked smaht.” Thank you, Barney, for never shying away from protecting consumers.
A member of Congress since 1981, Frank has a long list of accomplishments. In 2008 Frank supported the passage of the American Housing Rescue & Foreclosure Prevention Act, which sought to protect thousands of homeowners from foreclosure. He contended that underregulation of markets led to the subprime situation. Frank also drew admiration from consumer advocates for his instrumental role in the passage of the Credit Cardholders’ Bill of Rights Act of 2008, which establishes fair and transparent practices relating to the extension of credit. A champion of equal rights, Frank is known particularly for his LGBT platform, “the right to marry the individual of our choice; the right to serve in the military to defend our country; and the right to a job based solely on our own qualifications.”
The Corporate Observer has applauded Barney Frank in the past for his efforts to build confidence in American companies and limit fraudulent schemes before they metastasize. The whistleblower provision of the Dodd-Frank financial reform bill encourages individuals to stand up against corporate, securities, or government misconduct by offering protection and monetary incentive. As mentioned in previous posts, the whistleblower incentives will help solve an immense problem plaguing our economy today: unchecked, gambling financial executives that helped bring our economy to the brink of collapse. Today, consumers are paying the price for corporate America’s greed. Tomorrow, the SEC, side-by-side with Dodd-Frank whistleblowers, will ensure that we do not make the same mistake twice.
Barney Frank leaves us at a time when Washington needs him more than ever; but power partisan politics finally got the best of him. He’s run an ultra-marathon for consumers and it is time to take a victory lap. We will miss his quick wit, outspoken courage, unconventional speaking style, and most importantly, his legacy for speaking from the heart—something we don’t get enough of in our nation’s capitol.
Assisted by Arezu Hadjialiloo